Required information (The following information applies to the questions displayed below.] Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $67,200 a. Sold merchandise for cash (cost of merchandise $36,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $480 ). c. Sold merchandise (costing $6,650 ) to a customer on account with terms n/60. 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. 800 14,000 7,000 224 Required: 1. Compute Net Sales and Gross Profit for Hair World. * Answer is complete but not entirely correct. Net Sales $ 80,036 X 36,109 Gross Profit $