! Required information [The following information applies to the questions displayed below.] Ward Building Supplies (WBS) is a local hardware store. WBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $292,350). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $3,125). c. Sold merchandise (costing $5,040) to a customer on account with terms 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. f. Anticipate further returns of merchandise (costing $3,110) after year-end from sales made during the year. Required: 1. Compute Net Sales and Gross Profit for WBS. Net Sales $ 666,800 Gross Profit $670,000 5,000 8,400 4,200 1,800 4,800