Required information [The following information applies to the questions displayed below) Kelly Creations is a wholesaler of hair supplies. Kelly Creations uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: .. Sold merchandise for cash cost of merchandise 530,237) $ 53,760 b. Received rohandise returned by customers as wat latactory (but in perfect condition) for cash refund (original cost of merchandise $260). 290 c. Sold merchandise coating $5,090) to a customer on account with teams 1/60 12,400 # Collected half of the balance owed by the custoer in (e). 6.200 e. Granted a partial allowance relating to credit sales the customer inte had not yet pald. 165 1. Anticipate further return of merchandise coating $180) after year-end from sales made during the year. 300 Required: 1. Compute Net Sales and Gross Profit for Kelly Creations. Not Sales Gross Profit