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Required information Skip to question [ The following information applies to the questions displayed below. ] Ross & Company is a wholesaler of hair supplies.
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The following information applies to the questions displayed below.
Ross & Company is a wholesaler of hair supplies. Ross uses a perpetual inventory system. The following transactions summarized have been selected for analysis:
a Sold merchandise for cash cost of merchandise $ $
b Received merchandise returned by customers as unsatisfactory but in perfect condition for cash refund original cost of merchandise $
c Sold merchandise costing $ to a customer on account with terms n
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 $ after yearend from sales made during the year.
Compute the gross profit percentage.
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