Required information

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

Hair World Incorporated is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The

following transactions $($summarized$)$ have been selected for analysis:

a$.$ Sold merchandise for cash $($cost of merchandise $$35,277).$

$b.$ Received merchandise returned by customers as unsatisfactory $($but in perfect condition$)$

for cash refund $($original cost of merchandise $$400).$

$c.$ Sold merchandise $(costing$ $$9,880)to$ a customer $on$ account with terms$\frac{n}{60.},20,890$

$d.$ Collected half $of$ the balance owed $by$ the customer $in(c).10,400$

$ee.$ Granted a partial allowance relating $to$ credit sales the customer $in(c)$ had not yet $196$

e$.$ Granted a partial allowance relating to credit sales paid. f$.$ Anticipate further returns of merchandise $($costing $$320)$ after year$-$end from sales made

during the year.

during the year.

Required:

Compute Net Sales and Gross Profit for Hair World.