Required information PA6-3 Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6- 5) [The following information applies to the questions displayed below.) Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions summarized) have been selected for analysis: $83,200 3. Sold merchandise for cash (cost of merchandise $44,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $600 ). c. Sold merchandise (costing 58,550 ) 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. 1.000 18,080 9,000 288 PA6-3 Part 4 4. Hair World is considering a contract to sell merchandise to a hair salon chain for $23,000. This merchandise will cost Hair World $13,840. What would be the increase or decrease) to Hair World's gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) by Gross Profit Gross Prolit Percentage to