b

Required information CP6-3 (Algo) Recording Cash Sales, Credit Sales, Estimated and Actual Sales Returns, and Sales Allowances, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6) (The following information applies to the questions displayed below) Ortiz Books, is a student co-op. Ortiz Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis a. Sold merchandise for cash (cost of merchandise $178,670). $ 327,25e b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $676). 1,620 C. Sold merchandise (costing $10,710) to a customer on account with terns n/30. 23,800 d. Collected half of the balance owed by the customer in (c). 11,900 e. Granted a partial allowance relating to credit sales the customer in ) had not yet paid. 1,480 f. Anticipate further returns of merchandise (costing $238) after month-end from sales made during the 890 month. P6-3 (Algo) Part 2 2. Compute the gross profit percentage (Round your answer to 1 decimal place.) Gross Profit Percentage %