Compute Net Sales and Gross Profit for Hair World

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.

Required: 1. Compute Net Sales and Gross Profit for Hair World

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. Required: 1. Compute Net Sales and Gross Profit for Hair World

sales amount show below

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.

Required: 1. Compute Net Sales and Gross Profit for Hair World

Required information [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. Required: 1. Compute Net Sales and Gross Profit for Hair World. Required information [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. Required: 1. Compute Net Sales and Gross Profit for Hair World