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Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system....

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Accounting

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). $ 62,080 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $390). 420 c. Sold merchandise (costing $9,595) to a customer on account with terms n/60. 20,200 d. Collected half of the balance owed by the customer in (c). 10,100 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 194 f. Anticipate further returns of merchandise (costing $310) after year-end from sales made during the year. 430 PA6-3 (Algo) Part 1 Required: Compute Net Sales and Gross Profit for Foster Supplies. Compute the gross profit percentage. (Round your answer to 1 decimal place.)

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