PA6-3 Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5] 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: $67,200 800 a. Sold merchandise for cash (cost of merchandise $36,797). b.Received merchandise returned by customers as unsatisfactory (but in perfect condition), for cash refund (original cost of merchandise $480). c. Sold merchandise (costing $6,650) to a customer, on account with terms 2/10, n/30. d.Collected half of the balance owed by the customer in (c) within the discount period. e. Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid 14,000 6,860 224 References Section Break PA6-3 Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5) value: 1.00 points Required information PA6-3 Part 1 Required: 1. Compute Sales Revenue, Net Sales, and Gross Profit for Hair World. Sales Revenue Net Sales Gross Profit References eBook & Resources Worksheet Difficulty: 2 Medium PA6-3 Part 1 Leaming Objective: 06-04 Analyze sales transactions under a perpetual inventory system. Check my work value: 1.00 points Required information PA6-3 Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage References eBook & Resources Worksheet Difficulty: 2 Medium PA6-3 Part 2 Leaming Objective: 06-04 Analyze sales transactions under a perpetual inventory system Check my work value: 1.00 points Required information PA6-3 Part 3 3. Prepare journal entries to record transactions (a)-(e). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet