1. What is net and gross profit for campus stop?

2.Compute the gross profit percentage

3.Prepare journal entries to record the transaction

4.Campus Stop is considering a contract to sell merchandise to a campus organization for $15,000. This merchandise will cost Campus Stop $12,000. Would this contract increase (or decrease) Campus Stops dollars of gross profit and its gross profit percentage? TIP: The impact on gross profit dollars may differ from the impact on gross profit percentage. (Round "Gross Profit Percentage" to 1 decimal place.)

Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $275,000 a. Sold merchandise for cash (cost of merchandise $152,070). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $800) 1,600 c. Sold merchandise (costing $9,000) to a customer on account with terms n/30. 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 20,000 10,000 1,800 Required: 1. Compute Net Sales and Gross Profit for Campus Stop. Answer is complete but not entirely correct. $ 291,400X Net Sales Gross Profit 131,130