W, Part 2 i Required information [The following information applies to the questions displayed below.] Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: Saved a. Sold merchandise for cash (cost of merchandise $30,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) 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 $200) after year-end from sales made during the year. Required: 1. Compute Net Sales and Gross Profit for Ramos Hair Styling. Net Sales Gross Profit $ 55,040 310 13,600 6,800 172 320 Help

Journal entry worksheet Collected half of the $13,600 balance owed by the customer in transaction c: Record the entry. Whint Entri orbist belore creohs. Journal entry worksheet 234567 Sold merchandise for $55,040 cash. Record the entry. Note: Enter debits before credits. Journal entry worksheet \begin{tabular}{ll|llll}