Required Information PB6-3 (Algo) Recording Sales and Estimated and Actual Returns, and Analyzing Gross Profit...
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Required Information PB6-3 (Algo) Recording Sales and Estimated and Actual Returns, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5] [The following information applies to the questions displayed below.] Hardware Heaven (HH) is a local hardware store. HH uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $236,350 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $1,375 ). c. Sold merchandise (costing $3,36 ) to a customer on account with terms n/3. d. Collected half of the balance owed by the customer in (c). f. Anticipate further returns of merchandise (costing $1,290 ) after year-end from sales made during the year. PB6-3 (Algo) Part 1 Requlred: 1. Compute Net Sales and Gross Profit for HH
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