[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: $ 321,750 a. Sold merchandise for cash (cost of merchandise $175,870). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $668). c. Sold merchandise (costing $10,530) 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 $234) after month-end from sales made during the month. 1,650 23,400 11,700 1,440 870 Required: 1. Compute Net Sales and Gross Profit for Grayson & Kim Books. Net Sales Gross Profit