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! Required information [The following information applies to the questions displayed below.] Part 1 of 4 Campus Stop, Incorporated, is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: 1 points $ 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 $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. f. Anticipate further returns of merchandise (costing $200) after month-end from sales made during the month. 1,600 20,000 10,000 1,100 700 Required: 1. Compute Net Sales and Gross Profit for Campus Stop Answer is complete but not entirely correct. Net Sales $ 306,100 $ 292,300 Gross Profit