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) 1 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: 0. Sold merchandise for cash (cost of merchandise 532,397). $ 57,600 b. Received merchandise returned by customers as unsatisfactory (but in perfect conditions for Cash refund (original cost of merchandise $320) 350 c. Sold merchandise (costing 57,680) to a customer on account with teres n/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 (c) had not yet paid. f. Anticipate further returns of merchandise (costing $240) after year-end from sales made during 360 180 the year. PA6-3 (Algo) Part 4 4. Hughes Hair Design is considering a contract to sell merchandise to a hair salon chain for $35,000. This merchandise will cost Hughes Hair Design $23.000 What would be the increase for decrease) to Hughes Hair Design gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) can retuna original cost of merchandise 30). c. Sold merchandise (costing $7,600) 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 $240) after year-end from sales made during the year. 350 16,000 8,800 180 360 PA6-3 (Algo) Part 4 4. Hughes Hair Design is considering a contract to sell merchandise to a hair salon chain for $35,000. This merchandise will cost Hughes Hair Design $23,000 What would be the increase for decrease) to Hughes Hair Design gross profit and gross profit percentage? (Round "Gross Profit Percentage' to 1 decimal place.) Gross Profit Gross Profit Porcentage by to