Required information CP6-3 (Algo) Recording Cash Sales, Credit Sales, Estimated and Actual Sales Returns, and Sales Allowances, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6] [The following information applies to the questions displayed below.] Chander Bookstore, is a student co-op. Chander Bookstore uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandlise for can (cont of merchandise $157,670 ). b. Received nerehandise returned by custohers as unnatisfactory (but in perfect condition) for canh refund foriginel cost of merchondies $616 ). c. Bold merchandise (eosting $9,360 ) to a oustomer on account with termin n/30. d. Collected hnlf of the belnnce oved by the cuntomer in (). e. Granted a partial allovance relating to credit salen the ountomer in () had not yet pald. f. Antielpete further returnin of marchandise (costing $200 ) after nonth-end froo malen made during the month. CP6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Chander Bookstore. Required information CP6-3 (Algo) Recording Cash Sales, Credit Sales, Estimated and Actual Sales Returns, and Sales Allowances, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6] [The following information applies to the questions displayed below.] Chander Bookstore, is a student co-op. Chander Bookstore uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandine for eanh (cost of merchandise 5157,670). b. Received merehandise returned by cuntonerin as unsatiafaetory (but in perfect condition) for cash refund (original cont of merehandise $616 ). c. Sold merehandise (eosting $9,360 ) to a cuatoent on account with terma n/30, d. Collected half of the balanen ound by the eustomer in (e). e. Cranted a partial allowance relating to eredit anlea the eustoiner in (e) bad not yet paid. f. Anticipate further returns of merchandine (costing $208 ) after month-end from balen made during the nonets. \$. 286,000 1,650 20,000 10,400 1,1 740 P6-3 (Algo) Part 3 Prepare journal entries to record transactions (o) to (h) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required information CP6.3 (Algo) Recording Cash Sales, Credit Sales, Estimated and Actual Sales Returns, and Sales Allowances, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6] [The following information applies to the questions displayed below.] Chander Bookstore, is a student co-op. Chander Bookstore uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of nerehandise $157,670 ). b. Feceived nerehandise returned by castoners an unsatiafactory (but in perfect condition) for eash refund (original cost of merohnndi=e $516). d. Collected half of the balance owed by the eugtoener in (c). f. Anticipate further returns of morchandise (coating \$208) after nonth-end froo sales made during the month. CP6-3 (Algo) Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place,) CP6-3 (Algo) Recording Cash Sales, Credit Sales, Estimated and Actual Sales Returns, and Sales Allowances, and Analyzing Gross Profit Percentage (LO 6-4, LO 6-6) [The following information applles to the questions displayed below] Chander Bookstore, is a student co-op. Chander Bookstore uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold nerchandine for cash (cont of merehandine $157,670 ). b. Feceived merchandise returned by customers an unsatinfactory (but in perfect condition) for canh refand (original cont of merchandine $616 ). c. Sold merchandise feosting $9,360 ) to a customer on secount with ternn n/30. d. Collected half of the balance owed by the customer in (c). d. Collocted hall ot the balance owed by the coscomex in (o). e. Granted a partial allowance relating to credit nalen the customer in (a) had not yet paid. f. Antieipate further returni of merchandino (costing $208 ) after month-end from salen mado during the month. 286,000 1,560 20,800 10,400 1,280 740 CP6-3 (Algo) Part 4 4. Chander Bookstore is considering a contract to self merchandise to a Chander Bookstore organization for $15,800. This merchandise will cost Chander Bookstore $12,640. Would this contract increase (or decrease) Chander Bookstore 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.)
