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On September 1, Metlock Office Supply had an inventory of 31 calculators at a cost of $23 each. The company uses a perpetual inventory
On September 1, Metlock Office Supply had an inventory of 31 calculators at a cost of $23 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased 71 calculators at $25 each from Danny Co. for cash. 9 Paid freight of $71 on calculators purchased from Danny Co. Returned 3 calculators to Danny Co. for $78 credit (including freight) because they did not meet specifications. 10 12 12 14 14 20 Sold 34 calculators (31 costing $23, and 3 costing $26 including freight) for $34 each to Great Big Book Store, terms n/31. Granted credit of $34 to Great Big Book Store for the return of one calculator that was not ordered. The calculator cost $26. Sold 41 calculators costing $26 for $34 each to Bush's Card Shop, terms n/31. What amount would Metlock report as net sales in the September income statement? Net Sales $ eTexthonk and Madis 1981
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