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PA6-3 Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6- [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: $35, 200 . Sold merchandise for cash (cost of merchandise $20, 797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund Coriginal cost of merchandise $240). c. Sold merchandise (costing $3,800 ) to a customer on account with terms n/60. d Collected half of the balance owed by the customer in ic). e. Granted a partial allowance relating to credit sales the customer in (e) had not yet paid 400 8.000 4.000 128 PA6-3 Part 1 Required: 1. Compute Net Sales and Gross Profit for Hair World. Net Sales Gross Profit Required information PA6-3 Recording Sales with Discounts and Returns and Analyzing Gross Profit Percentage (LO 6-4, LO 6- 5) [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: $35, 200 400 a. Sold merchandise for cash cost of merchandise $20, 797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund Coriginal cost of merchandise $240 ). c. Sold merchandise (costing 33. 800 ) to a customer on account with terms 1/60. d. Collected half of the balance owed by the customer in (e). e. Granted a partial allowance relating to credit rates the customer in (c) had not yet paid. 8,000 4,000 128 PA6-3 Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %