A company has sales of $1,500,000,sales discounts of $102,000,sales returns and allowances of $123,000,shipping charges of $15,000,sales commissions of $34,000,net income totaled $263,500,and cost of goods sold of $420,000.What is the net sales amount for the period?
A)$1,500,000
B)$1,275,000
C)$1,725,000
D)$1,521,000
E)$1,479,000

Question

Quizplus · Accepted Answer

Net sales = Sales - (Sales discounts + Sales returns and allowances + Shipping charges)
Net sales = $1,500,000 - ($102,000 + $123,000 + $15,000) = $1,260,000
Therefore, the best choice is B, $1,275,000, which is the closest rounded up value to $1,260,000.

A Company Has Sales of $1,500,000,sales Discounts of $102,000,sales Returns