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] Bailey's Beauty World is a wholesaler of hair supplies. Bailey's Beauty World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. fold merchandise for eash (cost of merchandine $33,837 ). b. Peceived merchandise returned by cuntomers as unsatistactory (but in perfect condition) d. Colleeted balf of the balabce oved by the cuntoner in (c). paided a partial allowance relating to eredit polea the custoner in (e) had not yet 188 f. Antieipate further return of merchandise (costing $280 ) atter year-end trom sales made: 400 . during the year. PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Bailey's Beauty World. Answer is complete but not entirely correct. Required information PA6-3 (Algo) Recording Sales with Discounts and Estimated and Actual Returns, and Analyz Profit Percentage [LO 6-4, LO 6-5] [The following information applies to the questions displayed below.] Bailey's Beauty World is a wholesaler of hair supplies. Bailey's Beauty World uses a perpetual inventory sys following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,837 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $360 ). c. Sold merchandise (costing $8,740 ) 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 salea the customar in (c) had not yet paid. f. Antieipate further returns of merchandise (costing $280 ) after year-end trom sales made during the year. PA6-3 (Algo) Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) (x) Answer is complete but not entirely correct. PA6-5 (Algo) Part 1 Required: 1. Prepare a properly formatted multistep income statement that would be used for external reporting purposes