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[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: $ 61,440 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 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. f. Anticipate further returns of merchandise (costing $300) after year-end from sales made during the year. 410 19,600 9,800 192 420 1. Compute Net Sales and Gross Profit for Patel Supply. Net Sales Gross Profit 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage % 3. Prepare journal entries to record transactions (a)(1. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Sold merchandise for $61,440 cash. Record the entry. Note: Enter debits before credits. General Journal Debit Credit Transaction a(1) Record entry Clear entry View general journal 4. Patel Supply is considering a contract to sell merchandise to a hair salon chain for $47,000. This merchandise will cost Patel Supply $30,800. What would be the increase (or decrease) to Patel Supply gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) by Gross Profit Gross Profit Percentage to %

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