Compute net sales for the two months ended february

Reference no: EM131914871

Problem

During the months of January and February, Solitare Corporation sold goods to three customers. The sequence of events was as follows: Jan. 6 Sold goods for $85 to Wizard Inc. with terms 2/10, n/30. The goods cost Solitare $67. 7 Sold goods to Spyder Corp. for $71 with terms 3/10, n/30. The goods cost Solitare $57. 14 Collected cash due from Wizard Inc. Feb. 3 Collected cash due from Spyder Corp. 28 Sold goods for $89 to Bridges with terms 3/10, n/45. The goods cost Solitare $56.

Required:

Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended February 28.

Reference no: EM131914871

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