Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentag

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:

a. Sold merchandise for cash (cost of merchandise $46,797). $87,200

b. Received merchandise returned by customers as unsatisfactory (but in perfect condition), for cash refund (original cost of merchandise $630). 1,050

c. Sold merchandise (costing $9,025) to a customer, on account with terms 2/10, n/30. 19,000

d. Collected half of the balance owed by the customer in (c) within the discount period. 9,310

e. Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid 304

Required:

1. Compute Sales Revenue, Net Sales, and Gross Profit for Hair World.

sales revenuen=?

net sales=?

gross profit=?