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) Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: o. Sold merchandise for cash (cost of merchandise $32,397). $ 57,600 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $320). 350 c. Sold merchandise (costing $7,680) to a customer on account with terms 1/60. 16,000 d. Collected half of the balance owed by the customer in (c) 8,000 e. Granted a partial allowance relating to credit sales the customer in (e) had not yet paid. f. Anticipate further returns of merchandise (costing $240) after year end from sales made during 180 the year. 360 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %