7 Required information Pert 4 of 4 [The following information applies to the questions displayed below) 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 9.09 points a. Sold merchandise for cash (cost of merchandise $38,797)- b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $510 ) c. Sold nerchandise (costing $7,125) to a custoner on account with teres n/60. d. Collected half of the balance oved by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. $71,200 elook 850 15,000 7,500 240 Print 4. Hair World is considering a contract to sell merchandise to a hair salon chain for $20,000. This merchandise will cost Hair World $12,400 What would be the increase (or decrease) to Hair World's gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) Gross Profit by Gross Profit Percentage to 5%