Solved: What amount should fenn report for net sales in its income, Financial Accounting

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What amount should fenn report for net sales in its income

Fenn Stores, Inc. had sales of $1,000,000 during December, 2011. Experience has shown that merchandise equaling 7% of sales will be returned within thirty days and an additional 3% will be returned within ninety days. Returned merchandise is readily resalable. In addition, merchandise equaling 15% of sales will be exchanged for merchandise of equal or greater value. What amount should Fenn report for net sales in its income statement for the month of December 2011?

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Financial Accounting: What amount should fenn report for net sales in its income

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Financial Accounting: What amount should fenn report for net sales in its income

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