Bailey's Beauty World is a wholesaler of hair supplies. Bailey's Beauty World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,837 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $360 ). $60,160 c. Sold merchandise (costing $8,740 ) 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 $280 ) after year-end from sales made during the year. 390 18,400 9,200 188 400 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.)