Problem
In the first quarter of the year (January through March), a commission merchant sold several consignments of construction equipment, some used and some new. The sales price was $112,900 for the new equipment and $58,400 for the used equipment. The merchant charges commission rates of 10% to sell new equipment and 15% to sell used equipment. The merchant paid total freight charges of $2,490 to have the equipment delivered to the various buyers. Compute the net proceeds from the sales.