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

Required Information [The following information applies to the questions displayed below.] Halr World Incorporated Is a wholesaler of halr supplies. Hair World uses a perpetual Inventory system. The following transactions (summarlzed) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $28,797 ). $51,200 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $22 ). 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 $14 ) after year-end from sales made during the year. 250 10,0 5,000 169 350 Required: 1. Compute Net Sales and Gross Profit for Hair World