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: 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. $60,160 390 18,400 9,200 188 400 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) 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: 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. $60,160 f. Anticipate further returns of merchandise (costing \$280) after year-end from sales made during the year. 390 18,400 9,200 188 400 Prepare journal entries to record transactions (a)-( f ). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. 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: 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. 18,400 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. 9,200 f. Anticipate further returns of merchandise (costing \$280) after year-end from sales made during the year. 188 400 Pequired: I. Compute Net Sales and Gross Profit for Bailey's Beauty World. 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: 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. $60,160 390 18,400 9,200 188 400 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.)