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Compute the gross profit percentage

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Question - Hair Care Inc. is a wholesaler of hair supplies. Hair Care uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis:

Sold merchandise for cash (cost of merchandise $28,397) $50,800

b. Received merchandise returned by customers as unsatisfactory (but in perfect condition), for cash refund (original cost of merchandise $320) 560

C. Sold merchandise (costing $4,550) to a customer, on account with terms 1/10, n/30 10,000

d. Collected half of the balance owed by the customer in (c) within the discount period 4,950

e . Granted an allowance to the customer in (c) 140

Required -

1. Compute Sales Revenue, Net Sales, and Gross Profit for Hair World.

2. Compute the gross profit percentage.

Reference no: EM133117355

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