The following transactions were selected from among those completed by Bears Retail Store: ...
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Accounting
The following transactions were selected from among those completed by Bears Retail Store:
Nov. 20
Sold two items of merchandise to Cheryl Jahn, who paid the $460 sales price in cash. The goods cost Bears $340.
25
Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,400 (total); terms 3/10, n/30. The goods cost Bears $2,700.
28
Sold 10 identical items of merchandise to Nancys Gym at a selling price of $6,400 (total); terms 3/10, n/30. The goods cost Bears $4,200.
29
Nancys 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
Nancys Gym paid the account balance in full.
30
Vasko Athletics paid in full for the invoice of November 25.
Required:
Assuming that Sales Returns and Sales Discounts are reported as contra-revenues, compute Net Sales for the two months ended December 31. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Net Sales:
Answer & Explanation
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