E6-14 (Algo) Analyzing and Recording Sales and Gross Profit with Sales Returns (LO 6-4, LO 6-6) Cycle Wholesaling sold merchandise on account, with terms n/60. to Sarah's Cycles on February 1 for $650 (cost of goods sold of $420). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $105) Cycle Wholesaling uses a perpetual inventory system, and it allows returns only within 15 days of initial sale. Required: 1. to 3. Prepare the journal entries to record the sale on February 1, goods returned on February 9, and cash collected on March 2 4. Calculate the gross profit percentage for the sale to Sarah's Cycles 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)