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What amount should be reported as net sales

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Reference no: EM132601704

An entity had usual sales terms of net 60 days, FOB shipping point. Sales, net of returns and allowances totaled P5,000,000 for 2020 before year-end adjustment.

  1. Goods with an invoice amount of P200,000 were billed to a customer on January 15, 2021. The goods were shipped on December 31, 2020.
  2. On January 5, 2021, a customer notified the entity that goods billed and shipped on December 31, 2020 were lost in transit. The invoice amount was P50,000.
  3. On December 31, 2020, the entity authorized a customer to return, for full credit goods shipped and billed at P300,000 on December 15, 2020. The returned goods were received by the entity on January 15, 2021 and P300,000 credit memo was issued on the same date.

Question 1: What amount should be reported as net sales for 2020?

a. 4,700,000

b. 4,900,000

c. 4,850,000

d. 5,200,000

Reference no: EM132601704

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