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The following information applies to the questions displayed below .] Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory
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:
| a. | Sold merchandise for cash (cost of merchandise $40,797). | $ | 75,200 | |
| b. | Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $540 ). | 900 | ||
| c. | Sold merchandise (costing $7,600 ) to a customer on account with terms n/60. | 16,000 | ||
| d. | Collected half of the balance owed by the customer in (c). | 8,000 | ||
| e. | Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. | 256 | ||
PA6-3 Part 2
- Compute the gross profit percentage.
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