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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:
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 $18, 797). $31, 200 Received merchandise returned by customers as unsatisfactory (but in perfect condition), for cash refund (original cost of merchandise $210). 350 Sold merchandise (costing $3, 563) to a customer, on account with terms 2/10, n/30. 7, 500 Collected half of the balance owed by the customer in (c) within the discount period. 3, 675 Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid 120 Compute Sales Revenue, Net Sales, and Gross Profit for Hair World
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