Morales Corporation $($MC$)$ is a local hardware store. MC uses a perpetual inventory system. The following transactions $($summarized$)$ have been selected for analysis:

a$.$ Sold merchandise for cash $($cost of merchandise $$248,350).$

b$.$ Received merchandise returned by customers as unsatisfactory $($but in perfect condition$)$ for cash refund $($original cost of merchandise $$1,750).$

c$.$ Sold merchandise $($costing $$3,720)$ to a customer on account with terms $\frac{n}{30}.$

d$.$ Collected half of the balance owed by the customer in $($c$).$

$$560,000$

e$.$ Granted a partial allowance relating to credit sales the customer in $($c$)$ had not yet paid.

$2,800$

$6,200$

$3,100$

f$.$ Anticipate further returns of merchandise $($costing $$1,680)$ after year$-$end from sales made during the

$1,250$

year.

$2,600$

Required:

Compute Net Sales and Gross Profit for MC$.$

$\backslash$table$[[$Net Sales,$],[$Gross Profit,$]]$