Reference no: EM132828568

The following transactions were selected from among those completed by Bennett Retailers in November and December:

1. Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $6,300 (total); terms 3/10, n/30.
2.  25 Sold two items of merchandise to Customer C, who charged the $500 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee.
3.  28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,400 (total); terms 3/10, n/30.
4. 29 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer.
5. Dec. 6 Customer D paid the account balance in full. 20 Customer B paid in full for the invoice of November 20.

Required:

Problem 1: Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31.