Required information [The following information applies to the questions displayed below.) The following data were provided by Mystery Incorporated for the year ended December 31: of 2 Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expenses Sales Returns and Allowances Salaries and Wages Expense $ 166,000 18,060 242,000 42,400 19, 100 7, 110 40,600 Ook ences 2-a. What was the amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.) 12-a Gross Profit Gross Profit Percentage 2-6 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 transaction (summarized) have been selected for analysis: $87,200 a. Sold merchandise for cash (cost of merchandise $46,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise 5630 ) c. Sold merchandise (costing $9,025 ) to customer on account with terns 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. 1,ese 19,000 9.500 aces 2. Compute the gross profit percentage (Round your answer to 1 decimal place.) 96 Gross Profit Percentage