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Required information Skip to question [ The following information applies to the questions displayed below. ] Ross & Company is a wholesaler of hair supplies.

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[The following information applies to the questions displayed below.]
Ross & Company is a wholesaler of hair supplies. Ross uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:
a. Sold merchandise for cash (cost of merchandise $33,117). $ 58,880
b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $340).370
c. Sold merchandise (costing $8,170) to a customer on account with terms n/60.17,200
d. Collected half of the balance owed by the customer in (c).8,600
e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 184
f. Anticipate further returns of merchandise (costing $260) after year-end from sales made during the year. 380
Required:
Compute Net Sales and Gross Profit for Ross.

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