Response to the following problem:
Intel Corporation, famous for the Pentium© processor that powers personal computers, offers sales discounts to customers. Intel also allows its customers to return defective processors. Suppose that Intel made sales of $600,000 on credit terms of 3/10 net 30. Assume that Intel received sales returns of $12,000. Later, Intel collected cash within the discount period. Cost of goods sold for the period was $255,000 after all sales returns.
For this particular period, compute Intel's
a. Net sales revenue
b. Gross profit