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...

Extracted text: 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


Extracted text: 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 %