Required information [The following information applies to the questions displayed below] Grayson & Kim Books, is a student co-op Grayson & Kim Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $163,270). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $632). c. Sold merchandise (costing $9,720) to a customer on account with teres w/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 $216) after month-end from sales made during the month. $ 297,000 1,720 21,6be 10,000 1.250 780 Required: 1. Compute Net Sales and Gross Profit for Grayson & Kim Books Net Sales Gross Profit