Required information [The following information applies to the questions displayed below.] Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $31,677). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $300). c. Sold merchandise (costing $7,030) to a customer on account with terms n/60. $ 56,320 330 d. Collected half of the balance oved by the customer in (c). 14,000 7,400 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 176 f. Anticipate further returns of merchandise (costing $220) after year-end from sales made during the year. 340 Required: 1. Compute Net Sales and Gross Profit for Foster Supplies. Net Sales $ 71,120 Gross Profit