Required information [The following information applies to the questions displayed below) Hair World Inc is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $48,797) b. Received merchandise returne8 by customers as unsatisfactory (but in perfect $91,200 condition) for cash refund (original cost of merchandise $660 ) c. Sold merchandise (costing $9,580) to a customer on account with terms n/6. 20,000 18,880 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. 320 4. Hair World is considering a contract to sell merchandise to a hair salon chain for $25,000. This merchandise will cost Hair World 514,800. What would be the increase (or decrease) to Hair World's gross proft and gross profit percentage? (Round "Gross Proft Percentage" to 1 decimal place.) Gross Profit by Gross Profit Percentage to