ormation CP6-3 (Algo) Recording Cash Sales, Credit Sales, Estimated and Actual Sales Returns, and Sales Allowances, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6) (The following information applies to the questions displayed below.) Mendoza Incorporated, is a student co-op. Mendoza uses a perpetual Inventory system. The following transaction (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $161,870). 5.294,250 . Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $628). 1,700 c. Sold merchandise (costing $9,630) to a customer of account with terms n/30. d. Collected half of the balance owed by the customed in (c). 10,700 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,240 1. Anticipate further returns of merchandise (costing $214) after month-end from sales made during the month. 21,400 770 CP6-3 (Algo) Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage 45.5%