Brief Exercise 5-2 Calculate net sales (LO5-2) Kelly's Jewelry has the following transactions during the year: total jewelry sales = $570,000; sales discounts = $11,000; sales returns = $32,000; sales allowances = $12,000. In addition, at the end of the year the company estimates the following transactions associated with jewelry sales in the current year will occur next year: sales discounts = $1,100; sales returns = $3,840; sales allowances = $1,600. Compute net sales. == Total sales Add: Sales discounts Add: Sales returns Less: Sales allowances Net sales $ 570,000 11,000 32,000 12,000