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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.
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: $260,180 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). . Sold merchandise (costing $5,850) to a customer on account with terms n/3e. 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. 1,650 13,000 6,569 1,660 4. Campus Stop is considering a contract to sell merchandise to a campus organization for $10,000. This merchandise will cost Campus Stop $9,800. 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 Gross Profit Percentage by to %
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