1 Part 1 of 4 .66 points eBook References ! Required information [The following information applies to the questions displayed below.] Hair World Incorporated 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 $28,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $220). c. Sold merchandise (costing $4,750) 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 $140) after year-end from sales made during the year. Required: 1. Compute Net Sales and Gross Profit for Hair World. Net Sales Gross Profit $ 51,200 250 10,000 5,000 160 350

Required information [The following information applies to the questions displayed below] Hair World incorporated 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 merehandise $28,797 ). b. Received merchandise returned by custoners as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise \$220). during the year. 551,200 250 10,000 5,000 160 350 Required: 1. Compute Net Sales and Gross Profit for Hair World. Required information [The following information applies to the questions displayed below] Hair World Incorporated 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 $28,797 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise \$220). d. Collected half of e. Granted a partiai paid. f. Anticipate furthe during the year. 551,200 250 10,000 5,000 160 350 Required: 1. Compute Net Sales and Gross Profit for Hair World