Question: Please help me figure out the right answer. TYIA. Required information PA6-3 (Algo) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing Gross

Please help me figure out the right answer. TYIA.

Please help me figure out the right answer. TYIA. Required information PA6-3

Required information PA6-3 (Algo) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5] [The following information applies to the questions displayed below.] Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $34,917 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $390 ). c. Sold merchandise (costing $9,595 ) 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 $310 ) after year-end from sales made during the year. 62,080 420 20,200 10,100 194 430 PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Foster Supplies

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