Required information The following information applies to the questions displayed below Larrys Building Supplies (LBS) is a local hardware store LBS uses a perpetual inventory system The following transactions (summarized) have been selected for analysis a Sold merchandise for cash (cost of merchandise $337,350) $ 710,000 b Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $4,700) 7,200 c Sold merchandise (costing $9,720) to a customer on account with terms n 30 16,200 d Collected half of the balance owed by the customer in ( c ) 8,100 e Granted a partial allowance relating to credit sales the customer in ( c ) had not yet paid 2,350 Required 1 Compute Net Sales and Gross Profit for LBS 2 Compute the gross profit percentage (Round your answer to 1 decimal place ) 3 Required information The following information applies to the questions displayed below Larrys Building Supplies (LBS) is a local hardware store LBS uses a perpetual inventory system The following transactions (summarized) have been selected for analysis a Sold merchandise for cash (cost of merchandise $337,350) $ 710,000 b Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $4,700) 7,200 c Sold merchandise (costing $9,720) to a customer on account with terms n 30 16,200 d Collected half of the balance owed by the customer in ( c ) 8,100 e Granted a partial allowance relating to credit sales the customer in ( c ) had not yet paid 2,350 Prepare journal entries to record transactions ( a )( e ) (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) 4 Required information The following information applies to the questions displayed below Larrys Building Supplies (LBS) is a local hardware store LBS uses a perpetual inventory system The following transactions (summarized) have been selected for analysis a Sold merchandise for cash (cost of merchandise $337,350) $ 710,000 b Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $4,700) 7,200 c Sold merchandise (costing $9,720) to a customer on account with terms n 30 16,200 d Collected half of the balance owed by the customer in ( c ) 8,100 e Granted a partial allowance relating to credit sales the customer in ( c ) had not yet paid 2,350 LBS is considering a contract to sell building supplies to a local home builder for $34,000 These materials will cost LBS $24,400 Would this contract increase (or decrease) LBSs dollars of gross profit and its gross profit percentage (Round Gross Profit Percentage to 1 decimal place )

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Required information [ The following information applies to the questions displayed below .] Larrys Building Supplies (LBS) is a local hardware store. LBS uses a

Required information

[The following information applies to the questions displayed below.]

Larrys Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:


a.	Sold merchandise for cash (cost of merchandise $337,350).	$	710,000
b.	Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $4,700).		7,200
c.	Sold merchandise (costing $9,720) to a customer on account with terms n/30.		16,200
d.	Collected half of the balance owed by the customer in (c).		8,100
e.	Granted a partial allowance relating to credit sales the customer in (c) had not yet paid.		2,350

Required:

1. Compute Net Sales and Gross Profit for LBS.

2. Compute the gross profit percentage. (Round your answer to 1 decimal place.)

3. Required information

[The following information applies to the questions displayed below.]

Larrys Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:


a.	Sold merchandise for cash (cost of merchandise $337,350).	$	710,000
b.	Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $4,700).		7,200
c.	Sold merchandise (costing $9,720) to a customer on account with terms n/30.		16,200
d.	Collected half of the balance owed by the customer in (c).		8,100
e.	Granted a partial allowance relating to credit sales the customer in (c) had not yet paid.		2,350

Prepare journal entries to record transactions (a)(e). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Required information

[The following information applies to the questions displayed below.]

Larrys Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:


a.	Sold merchandise for cash (cost of merchandise $337,350).	$	710,000
b.	Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $4,700).		7,200
c.	Sold merchandise (costing $9,720) to a customer on account with terms n/30.		16,200
d.	Collected half of the balance owed by the customer in (c).		8,100
e.	Granted a partial allowance relating to credit sales the customer in (c) had not yet paid.		2,350

LBS is considering a contract to sell building supplies to a local home builder for $34,000. These materials will cost LBS $24,400. Would this contract increase (or decrease) LBSs dollars of gross profit and its gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.)