Ross & Company is a wholesaler of hair supplies. Ross uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,117). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $340). $ 58,880 370 c. Sold merchandise (costing $8,170) 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 $260) after year-end from sales made during the year. 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage % 17,200 8,600 184 380