4. Foster Supplies is considering a contract to sell merchandise to a hair salon chain for $49,000. This merchandise will cost Foster Supplies $32,100. What would be the increase (or decrease) to Foster Supplies gross profit and gross profit percentage? (Round "Gross Profit Percentage" to 1 decimal place.) Gross Profit by Gross Profit Percentage to %
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- Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that 369,750 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during March through November?Required information [The following information applies to the questions displayed below.] Hair World Incorporated 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 $32,037). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $310). c. Sold merchandise (costing $7,315) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $230) after year-end from sales made during the year. $ 56,960 340 15,400 7,700 178 350 3. Prepare journal entries to record transactions (a)-(. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the…Required information [The following information applies to the questions displayed below.] Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $34,917). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $390). c. Sold merchandise (costing $9,595) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $310) after year-end from sales made during the year. $ 62,080 420 20,200 10,100 194 430
- Required information [The following information applies to the questions displayed below.] Bailey's Beauty World is a wholesaler of hair supplies. Bailey's Beauty World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,837). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $360). c. Sold merchandise (costing $8,740) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $280) after year-end from sales made during the year. Gross Profit Gross Profit Percentage by to $ 60,160 % 390 18,400 9,200 4. Bailey's Beauty World is considering a contract to sell merchandise to a hair salon chain for $43,000.…Required information [The following information applies to the questions displayed below.) Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $31,677). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $300). c. Sold merchandise (costing $7,038) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $220) after year-end from sales made during the year. 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage $ 56,820 330 14, Bee 7,400 % 176 340Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $30,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $200) after year-end from sales made during the year. $ 55,040 310 13,600 6,800 172 320 PA6-3 (Algo) Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %
- Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $30,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $200) after year-end from sales made during the year. $ 55,040 310 13,600 6,800 172 320 PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Ramos Hair Styling. Net Sales Gross Profit S[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 merchandise for cash (cost of merchandise $32,397). $ 57,600 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $320). 350 c. Sold merchandise (costing $7,600) to a customer on account with terms n/60. 16,000 d. Collected half of the balance owed by the customer in (c). 8,000 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 180 f. Anticipate further returns of merchandise (costing $240) after year-end from sales made during the year. 360 Prepare journal entries to record transactions (a)–(f). (If no entry is required for a transaction/event, select "No Journal Entry Required"…Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $30,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $200) after year-end from sales made during the year. $ 55,040 310 13,600 6,800 172 320 PA6-3 (Algo) Part 4 4. Ramos Hair Styling is considering a contract to sell merchandise to a hair salon chain for $27,000. This merchandise will cost Rar Hair Styling $17,800. What would be the increase (or decrease) to Ramos Hair Styling…
- Kelly Creations is a wholesaler of hair supplies. Kelly Creations uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,477). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $350). c. Sold merchandise (costing $8,455) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $270) after year-end from sales made during the year. Required: 1. Compute Net Sales and Gross Profit for Kelly Creations. Net Sales Gross Profit $ 59,520 380 17,800 8,900 186 390Castillo Styling is a wholesaler of hair supplies. Castillo Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $32, 757). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition). for cash refund (original cost of merchandise $330). c. Sold merchandise (costing $7,885) to a customer on account with terms n/60.. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $250) after year-end from sales made during the year. A6-3 (Algo) Part 2 Compute the gross profit percentage. (Round your answer to 1 decimal place.) $ 58,240 360 16, 600 8,300 182 370Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. Thefollowing transactions (summarized) have been selected for analysis:a. Sold merchandise for cash (cost of merchandise $28,797). $51,200b. Received merchandise returned by customers as unsatisfactory (but inperfect condition) for cash refund (original cost of merchandise $360). 600c. Sold merchandise (costing $4,750) to a customer on account with terms2/10, n/30. 10,000d. Collected half of the balance owed by the customer in ( c ) within the discount period. 4,900e. Granted a partial allowance relating to credit sales that the customer in ( c ) hadnot yet paid. 160Required:1. Compute Sales Revenue, Net Sales, and Gross Profit for Hair World.2. Compute the gross profit percentage (using the formula shown in this chapter and rounding toone decimal place).3. Prepare journal entries to record transactions ( a )–( e ).4. Hair World is considering a contract to sell merchandise to a hair salon…