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During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows:
Jan.
6 Sold goods for $100 to Wizard Inc. with terms 2/30, n/60. The goods cost Solitare $70.
6 Sold goods to Spyder Corp. for $80 with terms 5/10, n/60. The goods cost Solitare $60.
14 Collected cash for the amount due from Wizard Inc.
Feb.
28 Collected cash for the amount due from Spyder Corp. Required:
Problem 1: Compute the total revenue Solitare would report over the two months.
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