Required information [The following information applies to the questions displayed below] Hair World Incorporated 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 $35,277 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect. condition) for $62,720 cash refund (original cost of merchandise $400 ). c. Sold merchandise (costing $9,880 ) to a customer on account with terms n//60. d. Collected half of the balance owed by the customer in (c). c. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns off merchandise (co

Required information [The following information applies to the questions displayed below.] Hair World Incorporated 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 $35,277 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) cash refund (original cost of merchandise $400 ). c. Sold merchandise (costing $9,880 ) 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 df merchandise (costing \$320) after year-end from sales made during the year. 43020,80010,400196446 7air World is considering a contract to sell merchandise to a hair salon chain for $51,000. This merchandise will cost Hair World $33,400. What would be the increase (or decrease) to Hair World's gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.)