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 \$31,317). b. Received merchandise returned by customers as unsatisfactory (but cash refund (original cost of merchandise \$\$290). c. Sold merchandise (costing $6,745 ) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing \$210) after year-end from sales made during the year. Required: 1. Compute Net Sales and Gross Profit for Patel Supply. Answer is complete but not entirely correct. Required information [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 $31,317 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise \$290). c. Sold merchandise (costing $6,745 ) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 174 f. Anticipate further returns of merchandise (costing \$210) after year-end from sales made during the year. 330 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) [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 $31,317 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for $55,680 cash refund (original cost of merchandise $290 ). c. Sold merchandise (costing $6,745 ) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $210 ) after year-end from sales made during the year. Patel Supply is considering a contract to sell merchandise to a hair salon chain for $29,000. This merchandise will cost Patel Supply $19,100. What would be the increase (or decrease) to Patel Supply gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.)