Perpetual Inventory System Assignment | Top Universities |

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Perpetual Inventory System Assignment | Top Universities |

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 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 (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 Required: 1. Compute Net Sales and Gross Profit for Campus Stop. Net Sales Gross Profit. Get Accounting Homework Help Today
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Perpetual Inventory System Assignment | Top Universities |

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