Net Sales and Gross Profit

And find Gross Profit percentage

Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $289,900 a. Sold merchandise for cash cost of merchandise $158, 710). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition for cash refund (original cost of merchandise $900). C. Sold merchandise (costing $12, 150) 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. 1,700 27,000 13,500 1,940 CP6-3 Part 1 Required: 1. Compute Net Sales and Gross Profit for Campus Stop. Net Sales Gross Profit