Required information (The following information applies to the questions displayed below) Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis $785, eee . Sold merchandise for cash (cost of merchandise $577,350). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $5,708). c. Sold merchandise (costing $12,120) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (0) e. Granted a partial allowance relating to credit sales the customer in (c) had not yet poid. 8,700 20,209 10.100 2,858 Required: 1. Compute Net Sales and Gross Profit for LBS. Net Sales Gross Profit