Business, 15.03.2022 18:50 damilysgonzalez2

Hair World Incorporated 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 $28,797).
b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $220).
c. Sold merchandise (costing $4,750) 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 merchandise (costing $140) after year-end from sales made during the year.

Required:
a. Compute Sales Revenue, Net Sales, and Gross Profit for Hair World.
b. Compute the gross profit percentage.
c. Prepare journal entries to record transactions
d. Hair Care is considering a contract to sell merchandise to a hair salon chain for $15,000. This merchandise will cost Hair Care $10,000.

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