Required information [The following information applies to the questions displayed below.] Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: 2. Sold merchandise for cash (cost of merchandise $32,397). $ 57,6ee b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $320). 350 c. Sold merchandise (costing $7,689) to a customer on account with terms n/6e. 16,000 d. Collected half of the balance owed by the customer in (c). 8.eee e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $240) after year-end from sales made during the year. 360 180 Required: 1. Compute Net Sales and Gross Proft for Hughes Hair Design. Answer is not complete. S 72,890 Net Sales Gross Profit