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: a. Sold merchandise for cash (cost of merchandise $145,430). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $700). c. Sold merchandise (costing $5,850) 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. $260,100 1,650 13,000 6,500 1,660 Required: 1. Compute Net Sales and Gross Profit for Campus Stop. 47 Net Sales Gross Profit