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 uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 60,160 a. Sold merchandise for cash (cost of merchandise $33,837). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $360). c. Sold merchandise (costing $8,740) to a customer on account with terms n/60. 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 $280) after year-end from sales made during the year. 390 18,400 9,200 188 400 4. Bailey's Beauty World is considering a contract to sell merchandise to a hair salon chain for $43,000. This merchandise will cost Bailey's Beauty World $28,200. What would be the increase or decrease) to Bailey's Beauty World gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) by Gross Profit Gross Profit Percentage to %