[The following information applies to the questions displayed below.) Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: 2. Sold merchandise for cash (cost of merchandise $313,350). $ 665,000 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $4,100). 6,300 c. Sold merchandise (costing $8,280) to a customer on account with terms n/30. 13,800 d. Collected half of the balance owed by the customer in (c) 6.900 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 2,050 Required: 1. Compute Net Sales and Gross Profit for LBS Net Sales Gross Profit