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: $59,200 - a. Sold merchandise for cash (cost of merchandise $32,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $420). c. Sold merchandise (costing $5,700 ) 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. 700 12,000 6,000 192 ances PA6-3 Part 1 Required: 1. Compute Net Sales and Gross Profit for Hair World, Not Sales Gross Pront