Cycle Wholesaling sold merchandise on account with terms 1/60, to Sarah's Cycles on February 1 for $550 (cost of good $375). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cos returned was $85). Cycle Wholesaling uses a perpetual inventory system, and it allows returns only within 15 days of initi Required: 1. to 3. Prepare the journal entry to record the sales, Goods returned on February 9 and Cash collected on March 2. 4. Calculate the gross profit percentage for the sale to Sarah's Cycles. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 to 3 Reg 4 Calculate the gross profit percentage for the sale to Sarah's Cycles. (Round your answer to 1 decimal place.) Gross Profit Percentage % Reg 1 to 3 ROG