Required Information: [The following information applies to the questions displayed below.] Hair World Incorporated is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $32,037). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise 5310). c. Sold merchandise (costing $7,315) to a customer on account with terms n/60. d. Collected half of the balance oved by the customer in (e). e. Granted a partial allowance relating to credit sales the customer in (e) had not yet paid. f. Anticipate further returen of merchandise (costing $230) after year-end from sales made during the year. $ 56,960 340 15,400 7,700 178 350 Required: 1. Compute Net Sales and Gross Profit for Hair World Net Sales Groes Profit 2 49 54 % 85 29 30 31 of 38 Next > MacBook Pro < 16 & * N 7 8 9 W E R T Y U S D F G H J K X C V B N M 4 0 910 + = O P V T B ^ ?