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:) Hair Care Inc. is a wholesaler of hair supplies. Hair Care uses a perpetual inventory system. The following transactions (summarized) have been selected from
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Hair Care Inc. is a wholesaler of hair supplies. Hair Care uses a perpetual inventory system. The following transactions (summarized) have been selected from 2012: Sold merchandise for cash (cost of merchandise $28,097). $54,700 Received merchandise returned by customers as unsatisfactory (but in perfect condition), for cash refund (original cost of merchandise $760). 1,000 Sold merchandise (costing $4,650) to a customer, on account with terms 2/10, n/30. 11,800 Collected half of the balance owed by the customer in (c) within the discount period. 5,782 Granted an allowance to the customer in (c). 160 Compute Sales Revenue, Net Sales, and Gross Profit for Hair Care. (Omit the "$" sign in your response.) Sales revenue Net sales Gross profit Compute the gross profit percentage. (Round your answer to 1 decimal place. Omit the "%" sign in your response.) Gross profit % Prepare journal entries to record transactions (a)-(e). (Omit the "$" sign in your response.) Hair care is considering a contract to sell merchandise to a hair salon chain for $14,300. This merchandise will cost hair care $10,800. Compute the new gross profit percentage. (Round your answer to 1 decimal place. Omit the "%" sign in your response.) New gross profit %Step by Step Solution
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