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: $285,500 a. Sold merchandise for cash (cost of merchandise $156,670). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $870). c. Sold merchandise (costing $11,250) 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. 1,670 25,000 12,500 1,900 Required: 1. Compute Net Sales and Gross Profit for Campus Stop. Net Sales Gross Profit 2. Compute the gross profit percentage. (Round your answer to 2 decimal places.) Gross Profit Percentage % 4. Campus Stop is considering a contract to sell merchandise to a campus organization for $20,000. This merchandise will cost Campus Stop $13,700. Would this contract increase (or decrease) Campus Stop's 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.) Gross Profit by Gross Profit Percentage to %