Hair World Inc is a wholesaler of hair supplies. Hair World uses a perpetual inv

Question

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: Sold merchandise for cash (cost of merchandise $10797). Received merchandise returned by customers as unsatisfactory (but In perfect 150 condition), for cash refund (original cost of merchandise $90). Sold merchandise (costing $2,613) to a customer, on account with terms 2/10, n/30. Collected half of the balance owed by the customer in (c)within the discount period Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid

Explanation / Answer

Solution.

Net sales :-

Sales                    20,700.00 Net Sales                  (10,850.00) Gross profit                      9,850.00

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