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Question - Reporting Net Sales with Credit Sales and Sales Discounts - 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 $100 to Wizard Inc. with terms 2/10, n/30; goods cost Solitare $70
Jan. 6 Sold goods to SpyderCorp. for $80 with terms 2/10, n/30; goods cost Solitare $60
Jan. 14 Collected cash due from Wizard Inc.
Feb. 2 Collected cash due from SpyderCorp
Feb. 28 Sold goods for $50 to Bridges with terms 2/10, n/45; goods cost Solitare $30
Required - Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended February 28.
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