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 …
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