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] Reyes Books, is a student co-op. Reyes Books uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $171,670). $ 313,500 b. Received merchandise returned by customers as unsatisfactory (but in perfect conditions for cash refund (original cost of merchandise $656). 1,690 c. Sold merchandise (costing $10,260) to a customer on account with terms n/30. 22,800 d. Collected half of the balance owed by the customer in (c) 11,400 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,380 f. Anticipate further returns of merchandise (costing $228) after month-end from sales made during the month. 840 CP6-3 (Algo) Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage 9 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. Reyes Books, is a student co-op. Reyes Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: 2. Sold merchandise for cash (cost of merchandise $171,670) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund $ 313,500 (original cost of merchandise $656) 1,690 Sold merchandise (costint 510,260) to a customer on account with teres n/30 22,800 d. Collected half of the balance owed by the custoner in (c). 11,400 e. Granted a partial allowance relating to credit sales the custoner in (c) had not yet pold. 1,30 Anticipate further returns of merchandise (costne $228) after month-end from sales made during the month R40 CP6-3 (Algo) Part 4 4. Reyes Books is considering a contract to sell merchandise to a Reyes Books organization for $17.800. This merchandise will cost Reyes Books $14.240. Would this contract increase (or decrease) Reyes Books 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.) tyy Gross Profit Gross Profit Porcentage %