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What amount would Whispering report as net sales in the September income statement? On September 1, Whispering Office Supply had an inventory of 31 calculators
What amount would Whispering report as net sales in the September income statement?
On September 1, Whispering Office Supply had an inventory of 31 calculators at a cost of $ 24 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased 71 calculators at $ 26 each from Danny Co. for cash. Paid freight of $ 71 on calculators purchased from Danny Co. 9 10 Returned 3 calculators to Danny Co.for $ 81 credit (including freight) because they did not meet specifications. Sold 34 calculators (31 costing $ 24, and 3 costing $ 27 including freight) for $ 34 each to Great Big Book Store, terms n/31. 12 14 Granted credit of $ 34 to Great Big Book Store for the return of one calculator that was not ordered. 20 Sold 41 calculators costing $ 27 for $ 34 each to Bush's Card Shop, terms n/31Step by Step Solution
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