Required information [The following information applies to the questions displayed below.] Ortiz Books, is a student co-op. Ortiz Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $166,070). 0 $ 302,500 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $640). 1,750 22,000 c. Sold merchandise (costing $9,900) 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 $220) after month-end from sales made during the month. 11,000 1,300 800 Required: 1. Compute Net Sales and Gross Profit for Ortiz Books. Net Sales Gross Profit