Required information CP6-3 Recording Cash Sales, Credit Sales, 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) Campus Stop, Inc. is a student co-op Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis. $264,500 a. Sold merchandise for cash (cost of merchandise $147, 470) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition for cash refund (original cost of merchandise $730). c. Sold merchandise (costing $6,750) to a customer on account with terns n/50 d. collected half of the balance owed by the customer in () c. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,680 15,000 7.500 1,700 CP6-3 Part 1 Required: 1. Compute Net Sales and Gross Profit for Campus Stop. $ 276 120 Net Sales Gross Profit CP6-3 Part 2 2. Compute the gross profit percentage. (Round your answer to 2 decimal places.) Gross Profit Percentage %