1. Calculate Sales Revenue, Net Sales, and Gross Profit for Hair World.

2. Compute the gross profit percentage. (Round your answer to 1 decimal place.)

3. Hair World is considering a contract to sell merchandise to a hair salon chain for $14,500. This merchandise will cost Hair World $9,760. What would be the increase (or decrease) to Hair Worlds gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.)

4. Prepare journal entries to record transactions (a)(e). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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 $26,797) b. Received merchandise returned by customers as unsatisfactory (but in perfect $47,200 550 condition), for cash refund (original cost of merchandise $330). c. Sold merchandise (costing $4,513) to a customer, on account with terms 2/10, n/30. d. Collected half of the balance owed by the customer in (c) within the discount period. e. Granted a partial allowance relating to credit sales that the customer in (c) had not yet 9,500 4,655 152 paid 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 $26,797) b. Received merchandise returned by customers as unsatisfactory (but in perfect $47,200 550 condition), for cash refund (original cost of merchandise $330). c. Sold merchandise (costing $4,513) to a customer, on account with terms 2/10, n/30. d. Collected half of the balance owed by the customer in (c) within the discount period. e. Granted a partial allowance relating to credit sales that the customer in (c) had not yet 9,500 4,655 152 paid