Required information [The following information applies to the questions displayed below.] Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $35,637). $ 63,360 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $410). 440 c. Sold merchandise (costing $10,165) to a customer on account with terms n/60. 21,400 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. 10,700 198 f. Anticipate further returns of merchandise (costing $330) after year-end from sales made during the year. 450 es 4. Hughes Hair Design is considering a contract to sell merchandise to a hair salon chain for $53,000. This merchandise will cost Hughes Hair Design $34,700. What would be the increase (or decrease) to Hughes Hair Design gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) Gross Profit Gross Profit Percentage by to %