Ret 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: $67,200 a. Sold merchandise for cash (cost of merchandise $36,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $480 ). c. Sold merchandise (costing $6,650 ) 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. 800 14,000 7. eee 224 Required: 1. Compute Net Sales and Gibss Profit for Hair World Answer is complete but not entirely correct. Net Sales Gross Profit $ $ 66,720 43,4473 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: $67,200 a. Sold merchandise for cash (cost of merchandise $36,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $480 ). c. Sold merchandise (costing $6,650 ) to a customer on account with terms n/6e. 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. 800 14, eee 7, eee 224 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Porcentage % C (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: 567,200 a. Sold merchandise for cash (cost of merchandise $36,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $480 ). c. Sold merchandise (costing $6,650 ) to a customer on account with terns /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. see 14,000 7,000 224 4. Hair World is considering a contract to sell merchandise to a hair salon chain for $19,000. This merchandise will cost Hair World $11.920. What would be the increase or decrease) to Hair World's gross profit and gross profit percentage? (Round "Gross Pro Percentage to 1 decimal place.) by Gross Profit Gross Profit Percentago TE I ER T P S F H M 3. Prepare journal entries to record transactions (a)-(e). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 5 Record the cash sales of $67,200. Note: Enter debts before credits General Journal Debit Credh Transaction (1)
