Answer: The net sales is $2475 and the gross sales is $975.
Step-by-step explanation:
Since we have given that
Cost price = $1,500
Selling price = $2,500
Term 1/30 means buyer pays within 30 days of the date of sale, 1% discount will be allowed.
n/60 means the payment is not paid within 60 days and the full payment is made.
Amount of discount would be
[tex]\dfrac{1}{100}\times 2500=\$25[/tex]
So, Net sales = Sales - discount
Net sales = [tex]2500-25=\$2475[/tex]
and Gross sales = Net sales - Cost
Gross sales = [tex]2475-1500=\$975[/tex]
Hence, the net sales is $2475 and the gross sales is $975.
