Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:

|Sold merchandise for cash (cost of merchandise $48,797) |$91,200

|Received merchandise returned by customers as unsatisfactory (but in perfect condition), for a cash refund (original cost of merchandise $660) |$1,100

|Sold merchandise (costing $9,500) to a customer, on account with terms 2/10, n/30 |$20,000

|Collected half of the balance owed by the customer in (c) within the discount period |$9,800

|Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid |$320

Required:

A. Compute Sales Revenue, Net Sales, and Gross Profit for Hair World.

B. Compute the gross profit percentage.

C. Prepare journal entries to record transactions (a)-(e).

Do not copy from Chegg and give complete answer with explanation