Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory...
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Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $35,200 a. Sold merchandise for cash (cost of merchandise $20,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition for cash refund (original cost of merchandise $240 ). c. Sold merchandise (costing $3,800 ) to a customer on account with terms n/60. 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. 400 8,000 4,000 128 Required: 1. Compute Net Sales and Gross Profit for Hair World, Net Sales Gross Profit 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %
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