Recording sales with discounts an estimated an actual returns and analyzing gross profit percentage

-compute the gross profit percentage

Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $34,197. b. Recelved merchandise returned by customens as unsatisfactory (but in perfect condition) for cash refund (original cost of mecchandise $370 ). c. Sold zerchandise (costing $9,825) to a custoren on account with terms n/6e: d. tollected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the custorer in (c) had not yet paid: f. Anticipate further returns of merchandise (costing S2pe) after yeartend from salef made durzil the year. Compute the gross profit percentage. (Round your answe