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Required information PA6-3 (Algo) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing...

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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.] Patel Supply Corporation is a wholesaler of hair supplies. Patel Supply uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $34,557 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $380 ). c. Sold merchandise (costing $9,310 ) to a custoner on account with terms n/60. 19,600 d. Collected half of the balance owed by the customor in (c). e. Granted a partial allowance relating to credit sales the custoner in (c) had not yot paid. 1. Anticipate further returns of merchandise (costing $300) after year-end f ron sales made during the year. PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Patel Supply

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