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: $530,000 a. Sold merchandise for cash (cost of merchandise $241,350). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $2,300). c. Sold merchandise (costing $3,960) 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. 3,600 6,600 3,300 1,150 Required: 1. Compute Net Sales and Gross Profit for LBS. Net Sales Gross Profit