$!$

Required information

$[$The following information applies to the questions displayed below.$]$

Sanders Lumber & More $($SLM$)$ is a local hardware store. SLM uses a perpetual inventory system. The following transactions $($summarized$)$ have been selected for analysis:

a$.$ Sold merchandise for cash $($cost of merchandise $$304,350).$

b$.$ Received merchandise returned by customers as unsatisfactory $($but in perfect condition$)$ for cash $$700,000$ refund $($original cost of merchandise $$3,500).$

c$.$ Sold merchandise $($costing $$5,400)$ to a customer on account with terms $\frac{n}{30}$

d$.$ Collected half of the balance owed by the customer in $($c$).$

e$.$ Granted a partial allowance relating to credit sales the customer in $(c)$ had not yet paid.

$5,600$

$9,000$

$4,500$

$1,950$

$f.$ Anticipate further returns of merchandise $($costing $$3,500)$ after year$-$end from sales made during

$5,400$

the year.

Required:

Compute Net Sales and Gross Profit for SLM$.$

Net Sales

Gross Profit