[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: $83,200 a. Sold merchandise for cash (cost of merchandise $44,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $600 ). c. Sold merchandise (costing $8,550 ) 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. 1,000 18,000 9,000 288 Required: 1. Compute Net Sales and Gross Profit for Hair World, 4 Net Sales Gross Profit