Required information PA6-3 (Algo) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing Gross Profit Percentage (LO 6-4, LO 6-5] [The following information applies to the questions displayed below.] Castillo Styling is a wholesaler of hair supplies. Castillo Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 52,480 a. Sold merchandise for cash (cost of merchandise $29,517). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $240). c. Sold merchandise (costing $5,320) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $160) after year-end from sales made during the year. 270 11,200 5,600 164 280 PA6-3 (Algo) Part 3 3. Prepare journal entries to record transactions (a)(19). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required information PA6-3 (Algo) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5) [The following information applies to the questions displayed below.] Castillo Styling is a wholesaler of hair supplies. Castillo Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 52,480 a. Sold merchandise for cash (cost of merchandise $29,517). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $240). c. Sold merchandise (costing $5,320) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $160) after year-end from sales made during the year. 270 11, 200 5,600 164 280 PA6-3 (Algo) Part 4 4. Castillo Styling is considering a contract to sell merchandise to a hair salon chain for $19,000. This merchandise will cost Castillo Styling $12,600. What would be the increase or decrease) to Castillo Styling gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) by Gross Profit Gross Profit Percentage to %