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During 2024, its first year of operations, Hollis Industries recorded sales of $11,500,000 and experienced returns of $700,000. Cost of goods sold totaled $6,900,000
During 2024, its first year of operations, Hollis Industries recorded sales of $11,500,000 and experienced returns of $700,000. Cost of goods sold totaled $6,900,000 (60% of sales). The company estimates that 7% of all sales will be returned. How much net revenue will Hollis Industries report at the end of its first year of operations? Net revenue $ 3,795,000
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Accounting Texts and Cases
Authors: Robert Anthony, David Hawkins, Kenneth Merchant
13th edition
1259097129, 978-0073379593, 007337959X, 978-1259097126
