Required Information [The following information applies to the questions displayed below.] Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: $575,000 a. Sold merchandise for cash (cost of merchandise $265,350). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $2,900). c. Sold merchandise (costing $5,400) 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. 4,500 9,000 4,500 1,450 Required: 1. Compute Net Sales and Gross Profit for LBS. Net Sales Gross Profit