On September 1, Cheyenne Office Supply had an inventory of 31 calculators at a cost of $22 each. The company uses a perpetual inventory system. During September, the following transactions occurred:

Sept 6 = Purchased 71 calculators at $24 each from Danny Co.for cash.

Sept 7 = Paid freight of $71 on calculators purchased from Danny Co.

Sept 10 = Returned 3 calculators to Danny Co. for $75 credit (including freight) because they did not meet specifications.

Sept 12 = Sold 34 calculators (31 costing $22, and 3 costing $25 including freight) for $34 each to Great Big Book store, terms n/31.

Sept 14 = Granted credit of $34 to Great Big Book Store for the return of one calculator that was not ordered (cost $25).

Sept 20 = Sold 41 calculators $25 for $34 each to Bush's Card Shop, terms n/31.

What amount would Cheyenne report as gross profit in the September income statement? I got my answer as $734, but it says that it is incorrect. So can anyone please explain to me what am I missing or what wrong am I doing? Below is how I got $734 as my answer:

Net Sales (2516) - COGS (1782) = 734