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: $19,200 a. Sold merchandise for cash (cont of merchandise $12,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $120) c. Sold merchandise (costing $2,850 ) to a customer on account with terma n/60. d. Collected half of the balance oved by the customer inre). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 200 6,000 3,000 96 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %