Handy Howard's Incorporated, is a student co-op. Handy Howard uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:
a. Sold merchandise for cash (cost of merchandise $154,870).
b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $608).
c. Sold merchandise (costing $9,180) 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. 1,140
f. Anticipate further returns of merchandise (costing $204) after month-end from sales made during the month.
Required:
Compute Net Sales and Gross Profit for Handy Howard.
Business
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