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 543,200 3. Sold merchandise for cash (cost of merchandise $24,797): b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $300), c. Sold merchandise (costing 54,275 ) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (e) e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 500 9,000 4,500 4. Hair World is considering a contract to sell merchandise to a hair salon chain for $14,000. This merchandise will cost Hair World $9,520. What would be the increase for decrease) to Hair World's gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) Cross Profit Gross Prott Percentage by to