Required information [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: $275,000 3. Sold merchandise for cash cost of merchandise $152,070). b. Received nerchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $800). c. Sold merchandise (costing $9.000) 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. 1,600 20,000 10,000 1,800 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage % 1 Record the cash sales of $275,000. 2 Record the cost of goods sold of $152,070. 3 Record the return by a customer of unsatisfactory merchandise that was in perfect condition. A cash refund of $1,600 was given to the customer. 4 Record the merchandise returned by the customer back into inventory. The original cost of the merchandise was $800. 5 Record the sales on account of $20,000 on terms n/30. 6 Record the cost of goods sold of $9,000. Note : = journal entry has been entered Record entry Clear entry