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Check my work 0 14 Required information The following information applies to the questions displayed below.) Grayson & Kim Books, is a student co-op. Grayson & Kim Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis o. Sold merchandise for cash cost of merchandise $175,870) D. Received merchandise returned by customer satisfactory (but in perfect condition for cash refund (original cost of merchandise SGB). csold serchandise (costing $10,530) to a customer on account with terms 1/30 d. Collected half of the balance owed by the custooer in (c) Granted partial allowance relating to credit sales the customer in (c) had not yet paid Anticipate further returns of merchandise (conting $234) after month and free sales made during the month 121,75 1.650 23,400 11,700 1. O LOG 4. Grayson & Kim Books is considering a contract to sell merchandise to a Grayson & Kim Books organization for $18.400. This merchandise will cost Grayson & Kim Books $14.720. Would this contract increase for decrease) Grayson & Kim Books dollars of gross profit, and its gross profit percentage? TIP The impact on gross profit dollars may differ from the impact on gross profit percentage (Round "Gross Profit Percentage" to 1 decimal place) Gross Pront Gross Pront Percentage Dy to Required information [The following information applies to the questions displayed below.) Grayson & Kim Books, is a student co-op, Grayson & Kim Books uses a perpetual inventory system The following transactions (summarized) have been selected for analysis: 0. Sold merchandise for cash (cost of merchandise $175,478). 1. Received merchandise returned by customers as unsatisfactory (but in perfect condition for cash refund (original cost of merchandise $668). c. Sold merchandise (costing $10,530) to a customer on account with terns n/30. d. Collected half of the balance owed by the customer in (c) e. Granted a partial allowance relating to credit sales the customer in (e) had not yet paid. f. Anticipate further returns of merchandise (costing $234) after month-end from sales made during the month. $ 321,750 1,650 23,400 11,700 1,440 4. Grayson & Kim Books is considering a contract to sell merchandise to a Grayson & Kim Books organization for $18.400. This merchandise will cost Grayson & Kim Books $14.720. Would this contract increase (or decrease) Grayson & Kim Books dollars of gross profit and its gross profit percentage? TIP: The impact on gross profit dollars may differ from the impact on gross profit percentage. (Round "Gross Profit Percentage" to 1 decimal place.) Gross Profit Gross Profit Percentage by lo
