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Required information [The following information applies to the questions displayed below.) Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $620,000 a. Sold merchandise for cash (cost of merchandise $289,350). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $3,500). c. Sold merchandise (costing $6,840) to a customer on account with terms n/30. 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. 5,400 11,400 5,700 1,750 Required: 1. Compute Net Sales and Gross Profit for LBS. Net Sales Gross Profit $ $ 624,136 X 331,446 X