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What amount of net sales should be reported

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Problem - Montenegro Company's usual sales terms are net 60 days, FOB shipping point. Sales, net of returns and allowances, totaled P5,600,000 for the year ended December 31, 2020, before year-end adjustment.

On December 27, 2020, Montenegro Company authorized a customer to return, for full credit, goods shipped and billed at P50,000 on December 15, 2020. The returned goods were received by Montenegro Company on January 4, 2021, and a P50,000 credit memo was issued on the same date.

Goods with an invoice amount of P300,000 were billed to a customer on January 3, 2021. The goods were shipped on December 31, 2020.

Goods with an invoice amount of P200,000 were billed and recorded on December 30, 2020. The goods were shipped on January 3, 2021.

Required - What amount of net sales should be reported for the current year?

Reference no: EM133025616

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