01:08:39 1. Inventory that had cost $24,600 was sold for $36,900 under terms 2/20, net/30 2 Customers returned merchandise to ASR five days after the purchase. The merchandise had been sold for a price of $1,612. The merchandise had cost ASR $1,040 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $3,690. 5. Interest expense paid amounted to $370. 6. Land that had cost $7,600 was sold for $9,500 cash. Required a. Determine the amount of net sales. b. Prepare a multi-step income statement