Required information Use the following information for the Quick Studies below. [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses $ 92,000 122,000 33,000 14,200 88,000 5,200 56,000 QS 4-18 (Algo) Computing net sales and gross profit LO P4 Use the above information, to compute (a) net sales and (b) gross profit. a. Net sales b. Gross profit