Brief Exercise 5-2 Calculate net sales (LO5-2) Kelly's Jewelry has the following transactions during the year: total jewelry sales = $640,000; sales discounts = $14,500; sales returns = $39,000; sales allowances = $19,000. 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 = $1,450; sales returns = $4,680; sales allowances = $2,530. Compute net sales. Answer is not complete. Total sales Less Sales discounts Net sales $ 640,000