Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system. The...

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Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $34,917). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $390). c. Sold merchandise (costing $9,595) 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 nerchandise (costing $310) after year-end from sales made during the year. $ 62,080 420 20,200 10, 100 194 430 4. Foster Supplies is considering a contract to sell merchandise to a hair salon chain for $49,000, This merchandise will cost Foster Supplies $32,100. What would be the increase (or decrease) to Foster Supplies gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) Gross Profit by Gross Profit Percentage to Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $34,917). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $390). c. Sold merchandise (costing $9,595) 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 nerchandise (costing $310) after year-end from sales made during the year. $ 62,080 420 20,200 10, 100 194 430 4. Foster Supplies is considering a contract to sell merchandise to a hair salon chain for $49,000, This merchandise will cost Foster Supplies $32,100. What would be the increase (or decrease) to Foster Supplies gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) Gross Profit by Gross Profit Percentage to

Answer rating: 100% (QA)

Answer 1st Case Sales 62080 20200 420 81860 Cost of goods sold 34917 9595 ... View the full answer