Business, 11.03.2020 21:57 ndjfn

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 $28,797). $ 51,200 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $360). 600 c. Sold merchandise (costing $4,750) to a customer on account with terms n/60. 10,000 d. Collected half of the balance owed by the customer in (c). 5,000 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 160 PA6-3 Part 1 Required: Compute Net Sales and Gross Profit for Hair World.

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Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The...

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