Required information [The following information applies to the questions displayed below.] Handy Howard's Incorporated, is a student co-op. Handy Howard uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $177,270 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $672 ). c. Sold merchandise (costing $10,620 ) to a customer on account with terms n/30. 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. f. Anticipate further returns of merchandise (costing \$236) after month-end from sales made during the month. $324,500 1,630 23,600 11,800 1,460 880 Required: 1. Compute Net Sales and Gross Profit for Handy Howard. Required information [The following information applies to the questions displayed below.] Handy Howard's Incorporated, is a student co-op. Handy Howard uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $177,270 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $672 ). c. Sold merchandise (costing $10,620 ) to a customer on account with terms n/30. 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. f. Anticipate further returns of merchandise (costing \$236) after month-end from sales made during the month. $324,5001,63023,60011,8001,460880 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.)