Question
[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 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 $30,797). | $55,200 |
b. | Received merchandise returned by customers as unsatisfactory (but in perfect condition), for cash refund (original cost of merchandise $390). | 650 |
c. | Sold merchandise (costing $5,225) to a customer, on account with terms 2/10, n/30. | 11,000 |
d. | Collected half of the balance owed by the customer in (c) within the discount period. | 5,390 |
e. | Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid | 176 |
7.
value: 2.00 points
Required information
Required: | ||
1. | Compute Sales Revenue, Net Sales, and Gross Profit for Hair World.
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