Suppose Peter’s Hardware sells merchandise on account, terms 2/10, n/45, for $750 (cost of the inventory is $460) on May 17, 2010. Peter’s Hardware later received $225 of goods (cost, $140) as sales returns on May 21,2010. The cus¬ tomer paid the balance due on May 26, 2010.

1. Calculate net sales revenue for May 2010.

2. Calculate gross profit for May 2010.