Question

The following transactions were selected from among those completed by Bear’s Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $530 (total) sales price in cash. The goods cost Bear’s $400. 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,900 (total); terms 3/10, n/30. The goods cost Bear’s $2,950. 28 Sold 10 identical items of merchandise to Nancy’s Gym at a selling price of $6,900 (total); terms 3/10, n/30. The goods cost Bear’s $4,450. 29 Nancy’s Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer. Dec. 6 Nancy’s Gym paid the account balance in full. 30 Vasko Athletics paid in full for the invoice of November 25.
Required: Compute the net sales revenue to be reported over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Answer 1

Answer:

net sales for the period by Bear's Retail Store: 11,515.8

Explanation:

From the sales revenues we will subtract the returns and discounts.

sales revenues

           530

        4,900

       6,900  

       12,330

sales returns

690 (6,900 for 10 items the custoemr returns 1 item)

sales discount on Nancy

(6,900 - 690) x 2% = 124.2

net sales:  12,330 - 690 returns - 124.2 discount = 11.515,8‬