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: $255,700 a. Sold merchandise for cash (cost of merchandise $143, 390). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $670). c. Sold merchandise (costing $4,950) 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. 1,620 11,000 5,500 1,620 CP6-3 Part 1 Required: 1. Compute Net Sales and Gross Profit for Campus Stop, CP6-3 Part 2 2. Compute the gross profit percentage. (Round your answer to 2 decimal places.) Gross Profit Percentage %