Solution-Compute net sales for the two months ended

Compute net sales for the two months ended

Reference no: EM13498171

The following transactions were selected from among those completed by Bear's Retail Store in 2010:

Nov. 20	Sold two items of merchandise to Cheryl Jahn, who paid the $400 sales price in cash. The goods cost Bear's $300.
25	Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,000 (total); terms 3/10, n/30. The goods cost Bear's $2,500.
28	Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $6,000 (total); terms 3/10, n/30. The goods cost Bear's $4,000.
29	Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition, and credit was given to the customer.
Dec. 6	Nancy's Gym paid the account balance in full.
30	Vasko Athletics paid in full for the invoice of November 25, 2010.

Required:

Assuming that Sales Returns and Sales Discounts are reported as contra-revenues, compute Net Sales for the two months ended December 31, 2010. (Omit the "tiny_mce_markerquot; sign in your response.)

Reference no: EM13498171

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Compute net sales for the two months ended

Reference no: EM13498171

Reference no: EM13498171

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