$(1$

Required information

PA$6-3($Static$)$ 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.$]$

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.

$$51,200$

$250$

$10,000$

$5,000$

$160$

$350$

PA$6-3($Static$)$ Part $2$

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

Gross Profit Percentage