Required information [The following information applies to the questions displayed below.] Ross \& Company is a wholesaler of hair supplies. Ross uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,117 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $340 ). $58,880 c. Sold merchandise (costing $8,170 ) to a customer on account with terms n/60. 370 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. 17,280 f. Anticipate further returns of merchandise (costing \$260) after year-end from sales made during the year. 8,600 184 380 Required: 1. Compute Net Sales and Gross Profit for Ross. Answer is complete but not entirely correct