Calculation of net sales
Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales
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Nov. 20
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Sold two items of merchandise to Customer B who charged the $350 sales price on her Visa credit card. Visa charges Clem Wholesalers at a 2% credit card fee.
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Nov. 25
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Sold 20 items of merchandise to Customer C at an invoice price of $4500 total; terms 3/10, n/30.
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Nov. 28
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Sold 10 identical items of merchandise to Customer D at an invoice price of $9000, total; terms 3/10, n/30
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Nov. 29
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Customer D returned one of the items purchased on the 28th; the item was defective, and credit was given to the customer.
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Dec. 6
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Customer D paid the account balance in full
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Dec. 30
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Customer C paid in full for the invoice of November 25, 2011
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Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra revenues: compute net sales for the two months ended December 31, 2011.