! Required information [The following information applies to the questions displayed below.] Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $34,917). $ 62,080 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $390). 420 c. Sold merchandise (costing $9,595) to a customer on account with terms n/60. 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. f. Anticipate further returns of merchandise (costing $310) after year-end from sales made during the year. 20,200 10,100 194 430 Required: 1. Compute Net Sales and Gross Profit for Foster Supplies. Answer is complete but not entirely correct. Net Sales $ 81,236 Gross Profit $ 43,812