Required information [The following information applies to the questions displayed below. Hair World Inc. is...
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Required information [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 a. Sold merchandise for cash (cost of merchandise S18,797) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) $31,200 for cash refund (original cost of merchandise $210 c. Sold merchandise (costing $3,563 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 350 7,500 3,750 paid. 120 Required: 1. Compute Net Sales and Gross Profit for Hair World. Net Sales Gross Profit
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