Required information CP6-3 Recording Cash Sales, Credit Sales, Sales Returns, and Sales Allowances and Analyzing Gross Profit Percentage [LO 6-4, LO 8-6] [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: 5297, eee a. Sold merchandise for cash (cost of merchandise $162,270). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $950). c. Sold merchandise (costing $13,50e) to a customer on account with terns n/3e. 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 pald. 1.750 30,000 15. 2,000 CP6-3 Part 1 Required: 1. Compute Net Sales and Gross Profit for Campus Answer is complete but not entirely correct. $ Net Sales Gross Profts 330.750 83 155,930 Required information CP6-3 Recording Cash Sales, Credit Sales, Sales Returns, and ales 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: $ 297,000 a. Sold merchandise for cash (cost of merchandise $162,270). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $950). C. Sold merchandise (costing $13,500) to a customer on account with terns n/30. d. Collected half of the balance owed by the custoner in (c) e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid 1,750 30,000 15,cee 2,000 CP6-3 Part 2 2 Compute the gross profit percentage. (Round your answer to 2 decimal places.) Gross Profit Percentage erove LAR, ANKARA ALMORARIORUN (summartzed, have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $162,270). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) (original cost of merchandise $950). c. Sold merchandise (costing $13,500) to a customer on account with terns 1/3e. 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 pa CP6-3 Part 3 3. Prepare journal entries to record transactions (a-le. (If no entry is required for a transaction/eve Required in the first account field.) View transaction list Kecord the return by a customer of unsatisfactory merchandise that was in perfect condition. A cash of 51.750 was given to the customer Record the merchandise returned by the customer back into inventory. The original cost of the merchandise was $950. Record the sales on account of 530.000 on terms n 30 Credit Record the cost of goods sold of $13.500 Record the collection of half of the balance of 515.000 Oined by the Customer within the count perod Record the allowance of $2.000 granted to the customer Note: = journal entry has been entered Record entry VE here to search O E 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 .. Sold merchandise for Cash (cost of merchandise $162,270). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $650) Sold merchandise (costing $13.50 to a customer count with teres 30 d. Collected half of the balance owed by the customer in (0) e. Granted partial allowance relating to credit sales the customer Inc) had not yet paid. 15.000 2.0 CP6.3 Part 4 4. Campus Stop is considering a contract to sel merchandise to a campus organization for $25.000. This merchandise will cost Campus Stoo $15.000. Would this contract increase for decrease) Campus Stoo's do lars of gross profit and its gross profit percentage? TIP. The impact on gross profit dollars may differ from the impact on gross proft percentage (Round "Gross Profit Percentage" to 1 decimal place)