[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: a. Sold merchandise for cash (cost of merchandise $281,350). $685,804 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $3,300). 5,100 c. Sold merchandise (costing $6,360) to a customer on account with terms n/30. 10,600 d. Collected half of the balance owed by the customer in (c). 5,300 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,650 Required: 1. Compute Net Sales and Gross Profit for LBS. Soved Help Save & Exit Su 2 Check my we ! It 2 of 4 Required information [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: ats eBook Print a. Sold merchandise for cash (cost of merchandise $281,350). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) $605,000 for cash refund (original cost of merchandise $3,300). 5,100 c. Sold merchandise (costing $6,368) to a customer on account with terms n/38. d. Collected half of the balance owed by the customer in (c). 10,600 5,300 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,650 Herences 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %