0 Required information The following information applies to the questions displayed below Campus Stop, Inc.,...
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0 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 $149,510) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for $268,900 cash refund (original cost of merchandise $760) c. sold merchandise (costing $7,650) 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 eredit sales the customer in (c) had not yet paid. 1,710 17,000 8,500 1,740 Required: 1. Compute Net Sales and Gross Profit for Campus Stop. Net Sales Gross Profit
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