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On September 1, Pharoah Office Supply had an inventory of 34 calculators at a cost of $21 each. The company uses a perpetual inventory system.
On September 1, Pharoah Office Supply had an inventory of 34 calculators at a cost of $21 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased 74 calculators at $23 each from Danny Co. for cash. 9 Paid freight of $74 on calculators purchased from Danny Co. 10 Returned 5 calculators to Danny Co. for $120 credit (including freight) because they did not meet specifications. 12 Sold 37 calculators ( 34 costing $21, and 3 costing $24 including freight) for $37 each to Great Big Book Store, terms n/34. 14 Granted credit of $37 to Great Big Book Store for the return of one calculator that was not ordered (Cost $24). 20 Sold 44 calculators costing $24 for $37 each to Bush's Card Shop, terms n/34. What amount would Pharoah report as net sales in the September income statement? Net Sales
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