Required information [The following information applies to the questions displayed below] Handy Howard's Incorporated, is a student co-op. Handy Howard uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $164,670 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $636 ). c. Sold merchandise (costing $9,810 ) 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 $218 ) after month-end froen sales made during the month. $299,750 1,730 21,800 10,900 1,280 790 Required: 1. Compute Net Sales and Gross Profit for Handy Howard