Required information [The following information applies to the questions displayed below.] Kelly Creations is a wholesaler of hair supplies. Kelly Creations uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,477 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) $59,520 for cash refund (original cost of merchandise $350 ). c. Sold merchandise (costing $8,455 ) to a customer on account with terms n/60. 17,800 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 $270 ) after year-end from sales made during the year. during the year. 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.)