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).$

$ $61,440$

b$.$ Received merchandise returned by customers as unsatisfactory $($but in perfect condition$)$ for cash refund $($original cost of merchandise $$380).$

$410$

c$.$ Sold merchandise $($costing $$9,310)$ to a customer on account with terms n$/60.$

$19,600$

d$.$ Collected half of the balance owed by the customer in $($c$).$

$9,800$

e$.$ Granted a partial allowance relating to credit sales the customer in $($c$)$ had not yet paid.

$192$

f$.$ Anticipate further returns of merchandise $($costing $$300)$ after year$-$end from sales made during the year.

$420$

Required:

$1$ Compute Net Sales and Gross Profit for Patel Supply.

$2$ Compute the gross profit percentage.

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).$

$ $61,440$

b$.$ Received merchandise returned by customers as unsatisfactory $($but in perfect condition$)$ for cash refund $($original cost of merchandise $$380).$

$410$

c$.$ Sold merchandise $($costing $$9,310)$ to a customer on account with terms n$/60.$

$19,600$

d$.$ Collected half of the balance owed by the customer in $($c$).$

$9,800$

e$.$ Granted a partial allowance relating to credit sales the customer in $($c$)$ had not yet paid.

$192$

f$.$ Anticipate further returns of merchandise $($costing $$300)$ after year$-$end from sales made during the year.

$420$

Prepare journal entries to record transactions $($a$)($f$)$

$4.$ Patel Supply is considering a contract to sell merchandise to a hair salon chain for $$47,000.$ This merchandise will cost Patel Supply $$30,800.$ What would be the increase $($or decrease$)$ to Patel Supply gross profit and gross profit percentage?