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.

What is Net Sales?

The following transactions were selected from among those completed by Bennett Retailers in November and December: November 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/10, n/30. November 25 Sold two items of merchandise to Customer C, who charged the $400 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. November 28 Sold 10 identical items of merchandise to Customer D at an invoice price of 9,000 (total); terms November 29 Customer D returned one of the items purchased on the 28 th; the item was defective and credit was December 6 given to the customer. December 20 Customer B paid in full for the invoice of November 20. Required: 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. Note: Do not round your intermediate calculations