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: a. Sold merchandise for cash (cost of merchandise $32,397 ). b. Received aerchandise returned by custoners as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise \$326). c. Sold merchandise (costing 57,60 ) to a custoner on account with terns n/60. 16,000 d. collected half of the batance owed by the custoner in (c). e. Granted a partial allowance relating to credit sales the custoner in (c) had not yet 180 paid. f. Anticipate further returns of merchandise (costing 3248 ) after year-end fron sales made 360 during 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 (or decrease) to Hughes Hair Design gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) 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 (or decrease) to Hughes Hair Design gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.)