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Required information [The following information applies to the questions displayod bolow: Ortiz Books, is a student co-op. Ortiz Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Bald merchandise for eash (eost of nerchandise $166,070), b. Necelved merehabdise returned by eustomers as unsatisfsetory (but in perfect condition) for cash refund (original cost of perehandine $640 ). e. Sold nerchandise (costing $9,900) to a eustoner on eceount with term n/30. d. Collected half of the halance oved by the custober in (c). e. Oranted a partial allowance relating to eredit alea the oustoner in (e) had not yet pald. f. Anticipate further returns of nerchasdise (costing $220 ) ofter eosth-end fron salea nade during the nonth. 5302,500 1.750 22,000 11,060 1,300 100 Required: 1. Compute Net Soles and Gross Profit for Ortiz Books. Required information [The following information applies to the questions displayed below.] Ortiz Books, is a student co-op. Ortiz Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $166,070 ). b. Received merchandise returned by eustomers as unsatisfactory (but in perfect condition) for eash refund (original cost of nerchandise $640 ). c. Sold merchandise (costing $9,900 ) to a customer on account with terns n/30. d. Collected half of the balance owed by the eustoner in (c). e. Cranted a partial allowance relating to credit sales the custoner in (c) bad not yet paid. f. Antleipate further returns of merchandise (costing $220 ) after month-end from sales made during 800 the month. 3. Prepare journal entries to record transactions (a) to ( . (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required information [The following information applies to the questions displayed below.] Ortiz Books, is a student co-op. Ortiz Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $166,070 ). b. Received nerchandise returned by custoners as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $640 ). c. Sold merchandise (costing $9,900 ) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (c). 22,000 11,000 f. Anticlpate further reture yelating to credit sales the customer in (c) had not yet paid. the month. \$ 302,500 1,750 22,000 11,000 1,300 800 4. Ortiz Books is considering a contract to sell merchandise to a Ortiz Books organization for $17,000. This merchandise will cost Ortiz Books $13,600. Would this contract increase (or decrease) Ortiz Books 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.)

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