Required information PA6-3 (Algo) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5] [The following information appies to the questions displayed bolow] Hughes Hair Design is a wholesaler of hair supples. Hughes Hair Design uses a perpetual inventory system, The following transactions isummartzed) have been selected for analysis: 4. Sold merchandise for cash (cost of merchandise 532,397 ). for cash refund (originat cost of merchandist $32a). c. Sold ferchandise (costing 57,60e ) to a costoser on account with teras n/60. d. Collected half of the bilance oved by the custoner in (c). 6. Cranted a partial atlowance relatiog to credit sales the custo paid. f. Anticipate further returas of merchandise (costing \$240) after year-end fron wales made 180 during the year. 350 PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Hughes Hair Design. pald. 7. Anticipate further returns of merchandise (costing \$24e) after year-end from sales made during the year. PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Hughes Hair Design