1. On September 1, 2015, the Inverness Company holds the following inventory:

Purchase date	Units	Cost / Unit
April 1, 2015	300	$15
August 6, 2015	200	$18

During September 2015, Inverness reports the following activities:

• On September 9, they sell 150 units of inventory for $24 / unit. 60% is on credit cards (with a rate of 3%) and 40% is in cash.
• On September 16, they purchase 50 units of inventory for $18.50 / unit.
• On September 18, they sell 150 units of inventory for $25 / unit. This sale is on account, with terms 2/10, n/30.
• On September 25, a customer returns 10 units of inventory (original purchase date: September 9).
• On September 27, Inverness collects on the September 18 sale.

Note: The Inverness Company uses LIFO for inventory.

1. Calculate net sales for September (please show gross sales and any contra-revenue accounts).