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: a. Sold merchandise for cash (cost of merchandise $24, 797) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $300). c. Sold merchandise (costing $4, 275) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. $43, 200 500 9, 000 4, 500 144 Required: 1. Compute Net Sales and Gross Profit for Hair World. Net Sales Gross Profit Required information [The following information applies to the questions displayed below] 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: a. Sold merchandise for cash (cost of merchandise $24, 797) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $300 c. Sold merchandise (costing $4,275) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. $43, 200 500 9,000 4, 500 144 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) % Gross Profit Percentage Required information (The following information applies to the questions displayed below] 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: a. Sold merchandise for cash (cost of merchandise $24, 797) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $300) c. Sold merchandise (costing $4, 275 to a customer on account with terms n/60 d. Collected half of the balance owed by the customer in (c) e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid $43, 200 500 9,000 4, 500 144 4. Hair World is considering a contract to sell merchandise to a hair salon chain for $14,000. This merchandise will cost Hair World $9,520. What would be the increase (or decrease) to Hair World's gross profit and grots profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) by Gross Profit to Gross Profit Percentage
