[The following information applies to the questions displayed below.] Hair World Incorporated is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 62,720 a. Sold merchandise for cash (cost of merchandise $35,277). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $400). c. Sold merchandise (costing $9,880) to a customer on account with terms n/60. 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 $320) after year-end from sales made during the year. 430 20,800 10,400 196 440 Required: 1. Compute Net Sales and Gross Profit for Hair World. Net Sales Gross Profit