Reference no: EM133185796
Question - On September 1, 2015, the Inverness Company holds the following inventory:
During September 2015, Inverness reports the following activities:
On September 9, they sell 150 units of inventory for $24 / unit. 60% is on credit cards (with a rate of 3%) and 40% is in cash.
On September 16, they purchase 50 units of inventory for $18.50 / unit.
On September 18, they sell 150 units of inventory for $25 / unit. This sale is on account, with terms 2/10, n/30.
On September 25, a customer returns 10 units of inventory (original purchase date: September 9).
On September 27, Inverness collects on the September 18 sale.
Note: The Inverness Company uses LIFO for inventory.
Required -
1. Calculate net sales for September (please show gross sales and any contra-revenue accounts).
2. Calculate cost of goods sold for September.
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