Required information PB6-3 (Algo) Recording Sales 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.] Rogers Supply (RS) is a local hardware store. RS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $244,350 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $1,625 ). c. Sold merchandise (costing $3,600 ) to a customer on account with terms n/30. 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 \$1,550) after year-end from sales made during the year. $550,000 2,600 6,000 3,000 1,200 2,400 PB6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for RS. Required information PB6-3 (Algo) Recording Sales 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.] Rogers Supply (RS) is a local hardware store. RS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $244,350 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $1,625 ). c. Sold merchandise (costing $3,600 ) to a customer on account with terms n/30. 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 \$1,550) after year-end from sales made during the year. $550,0002,6006,0003,0001,2002,400 PB6-3 (Algo) Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Required information PB6-3 (Algo) Recording Sales 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.] Rogers Supply (RS) is a local hardware store. RS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $244,350 ). $550,000 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $1,625 ). c. Sold merchandise (costing $3,600 ) to a customer on account with terms n/30. 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 $1,550 ) after year-end from sales made during the year. 2,6006,0003,0001,2002,400 PB6-3 (Algo) Part 3 3. Prepare journal entries to record transactions (a)-(f). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required information PB6-3 (Algo) Recording Sales 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.] Rogers Supply (RS) is a local hardware store. RS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $244,350 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $1,625 ). c. Sold merchandise (costing $3,600 ) to a customer on account with terms n/30. 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 $1,550 ) after year-end from sales made during the year. $550,000 2,600 6,000 3,000 1,200 2,400 PB6-3 (Algo) Part 4 4. RS is considering a contract to sell building supplies to a local home builder for $21,000. These materials will cost RS $16,800. Would this contract increase (or decrease) RS's dollars of gross profit and its gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.)