Required Information

$[$The following information applies to the questions displayed below.$]$

Campus Stop. Incorporated, is a student co$-$op$.$ Campus Stop uses a perpetual inventory system. The following transactions $($summarized$)$ have been selected for analysis:

a$.$ Sold merchandise for cash $($cost of merchandise $$152,070).$

b$.$ Received merchandise returned by customers as unsatisfactory $($but in perfect condition$)$ for cash refund $($or$-$ginal cost of merchandise $$600).$

c$.$ Sold merchandise $($costing $$9,000)$ to a customer on account with terms $\frac{}{30}.$

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.

$$275,908$

f$.$ Anticipate further returns of merchandise $($costing $$200)$ after month$-$end from sales made during the month.

Required:

Compute Net Sales and Gross Profit for Campus Stop.

$\backslash$table$[[$Net Sales,$],[$Gross Profit,$]]$