PA6-3 (Algo) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5] [The following information applies to the questions displayed below] Patel Supply Corporation is a wholesaler of hair supplies. Patel Supply uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $34,557 ). b. Received merchandise returned by customers as unsatisfactory (but in perfoct condition) for cash refund (original cost of merchandise $380 ). c. Sold merchandise (costing $9,310 ) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). paid. f. Anticipate further returns of merchandise (costing $300 ) after year-end from sales made $61,440 during the year. 192 420 PA6-3 (Algo) Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.)