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Required Information PA6-3 (Algo) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5) [The following information applies to the questions displayed below) Hughes Hair Design is a wholesaler of hal supplies. Hughes Hair Design uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis a. Sold merchandise for cash (cost of serchandise 533,797) 5.5. b. Received merchandise returned by customers as unsatisfactory (hut in perfect condition for cash refund (original cost of merchandise 5520) c. Sold merchandise (costing $2,600) to customer account with term w/60 10.00 di Collected half of the balance oued try the custom in (c) .. Granted martial allowance relating to credit salus the customer I (c) had not yet ad f. Anticipate further returns of marchande (costing 520) after year and restes de during the year ho 60 PA6-3 (Algo) Part 4 4. Hughes Hair Design is considering a contract to sell merchandise to a hair salon chain for $35,000. This merchandise wol cost Hughes Holi Design $23.000 What would be the increase for decrease) to Hughes Hair Design gross profit and gross profit percentage? (Round "Gross Protit Percentago" to 1 decimal place.) Dy Bios Pront Gross Pront porcentage 10

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