Suppose Pauls Hardware sells merchandise on account, terms 1/10, n/60, for $700 (cost of the inventory is

Question:

Suppose Paul’s Hardware sells merchandise on account, terms 1/10, n/60, for $700 (cost of the inventory is $380) on March 17, 201 2. Paul’s Hardware later received $235 of goods (cost, $105) as sales returns on March 21, 2012. The customer paid the balance due on March 26, 2012.
1. Calculate net sales revenue for March 2012.
2. Calculate gross profit for March 2012.