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: $19,200 a. Sold merchandise for cash cost of merchandise $12,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $120 ). c. Sold merchandise (conting $2,850 ) to a customer on account with terns n/60. d. Collected half of the balance owed by the customer in (e). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 200 6,000 3,000 96 Required: 1. Compute Net Sales and Gross Profit for Hair World, Net Sales Gross Profit