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Check my work 5 Part 4 of 4 CP6-3 (Algo) Recording Cash Sales, Credit Sales, Estimated and Actual Sales Returns, and Sales Allowances, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6) [The following information applies to the questions displayed below) Reyes Books, is a student co-op. Reyes Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis 8. Bold merchandise for cash cost of Brabandise $159,070). b. Received merchandise returned by customers ansatiafactory out in perfect condition for cash refund (original cost of merchandise $620) c. Sold merchandise (conting 59,450) to a customer on account with ters/20. d. Collected half of the balance owed by the customer in (e) e. Granted a partial allowance relating to credit sales the customer in (e) had not yet paid 1. Anticipate further return of merchandise (coating $210) Atter month-end from a made during the month. 2050 15 points 1.670 21.00 10.500 1,200 Shoped 750 Book CP6-3 (Algo) Part 4 4. Reyes Books is considering a contract to sell merchandise to a Reyes Books organization for $16,000. This merchandise will cost Reyes Books $12,800, Would this contract increase for decrease) Reyes Books dollars of gross profit and its gross profd percentage? TIP: The impact on gross profit dollars may differ from the impact on gross profit percentage Round Gross Profit Percentage" to 1 decimal place.) Gross Profit Gross Pront Percentage By 10