Required information CP6-3 (Algo) Recording Cash Sales, Credit Sales, Estimated and Actual Sales Returns, and Sales Allowances, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6] [The following information applies to the questions displayed below.] Chander Bookstore, is a student co-op. Chander Bookstore uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $170,270 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $652 ). c. Sold merchandine (costing $10,170 ) to a customer on aceount with terno n/30. e. Granted a partial allowance relating to eredit sales the customer in (c) had not yet paid. d. Collected half of the balance owed by the custoser in (c). f. Antieipate further returns of merchandise (costing $226 ) after month-end f rom sales made during the month. CP6-3 (Algo) Part 4 4. Chander Bookstore is considering a contract to sell merchondise tg a Chander Bookstore organization for \$17,600. This merchandise will cost Chander Bookstore $14,080. Would this contract increase (or decrease) Chander Bookstore dollars of gross profit and its gross profit percentage? TIP: The impact on gross profit dollars may differ from the impact on gross profit percentage. (Round "Gross Profit Percentage" to 1 decimal place.)