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.) Mendoza Incorporated, is a student co-op. Mendoza uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: 2. Sold merchandise for cash (cost of merchandise $161,870). $ 294,250 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $628). 1,700 c. Sold merchandise (costing $9,630) to a customer on account with terms 1/30. d. Collected half of the balance owed by the customer in (c), 10,78 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,240 1. Anticipate further returns of merchandise (costing $214) after month-end from sales nade during the month. 770 21,400 CP6-3 (Algo) Part 2 2. Compute the gross profit percentage (Round your answer to 1 decimal place.) Gross Profil Percentago %