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 $26,797). $47,200 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition), for a cash refund (original cost of merchandise $330). 550 c. Sold merchandise (costing $4,513) to a customer, on account with terms 2/10, n/30. 9,500 d. Collected half of the balance owed by the customer in (c) within the discount period. 4,655 e. Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid 152 Compute sales revenue, Net sales, and Gross Profit for Hair World.
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 $26,797). $47,200
b. Received merchandise returned by customers as unsatisfactory (but in perfect condition), for a cash refund (original cost of merchandise $330). 550
c. Sold merchandise (costing $4,513) to a customer, on account with terms 2/10, n/30. 9,500
d. Collected half of the balance owed by the customer in (c) within the discount period. 4,655
e. Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid 152
Compute sales revenue, Net sales, and Gross Profit for Hair World.
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