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[The following information applies to the questions displayed below] Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: A. Sold merehandise for cash (cost of nerahandise $35,637 ). b. Feceived merchasdise retarned by cuntemers as unsakisfactory (but in perfect condition) for cash refund foriginal cost of nerchandine $410 ). e. Sold nerchandibe (costing $10,165 ) to a custoner on accoost with terna n/60. d. Collected half of the balande owed by the custoner in (e). e. Granted a partial allomance relating to credit males the custoser an (e) had hot yet patid, 1. Antieipate further returas of nerehandise (casting 5330 ) after year-end fron aales nade during the year. 198 450 Required: 1. Compute Net Sales and Gross Profit for Hughes Hair Design. 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) (x) Answer is complete but not entirely correct. Journal entry worksheet Sold merchandise for $63,360 cash. Record the entry. Note: Enter debits before credits. 3. Prepare journal entries to record transactions (a)-( ). (If no entry is required for a transaction/event, se Required" in the first account field.) Journal entry worksheet

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