The following information applies to the questions displayed below.] Hair World Inc. is...
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The following information applies to the questions displayed below.]
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:
a.
Sold merchandise for cash (cost of merchandise $40,797).
$
75,200
b.
Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $540 ).
900
c.
Sold merchandise (costing $7,600 ) to a customer on account with terms n/60.
16,000
d.
Collected half of the balance owed by the customer in (c).
8,000
e.
Granted a partial allowance relating to credit sales the customer in (c) had not yet paid.
256
PA6-3 Part 2
Compute the gross profit percentage.
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