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Required information [ The following information applies to the questions displayed below .] Bailey's Beauty World is a wholesaler of hair supplies. Bailey's Beauty World
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[The following information applies to the questions displayed below.]
Bailey's Beauty World is a wholesaler of hair supplies. Bailey's Beauty World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:
a. Sold merchandise for cash (cost of merchandise $30,597). | $ 54,400 |
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b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $270). | 300 |
c. Sold merchandise (costing $6,175) to a customer on account with terms n/60. | 13,000 |
d. Collected half of the balance owed by the customer in (c). | 6,500 |
e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. | 170 |
f. Anticipate further returns of merchandise (costing $190) after year-end from sales made during the year. | 310 |
- Compute the gross profit percentage. (Round your answer to 1 decimal place.)
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