Required information [The following information applies to the questions displayed below] Patel Supply Corporation is a wholesaler of hair supplies. Patel Supply uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $31,317 ). b. Received merchandise returned by custoners as uns cash refund (original cost of nerchandise $290). Sold merchandise (costing $6,745 ) to a customer on c. Sold merchandise (costing $6,745 ) to a customer on account with tormo n/60. d. Collected half of the balance owed by the custoner in (c). e. Granted a partial allowance relating to credit sales the custoner in (c) had not yet paid. f. Anticipate the year. Required: 1. Compute Net Sales and Gross Profit for Patel Supply