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.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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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