B&B Lumber reports gross sales of $80,000. If sales returns and allowances are $20,000 and sales discounts are $3,000. The net sales are 57,000. Thus, option (c) is correct.
What is sales?
The exchange of tangible or intangible products, services, or assets is referred to as “selling.” Buyers and sellers exchange commodities using monetary value. Net sales are the revenue generated by a firm the selling of goods and services.
The net sales will be calculated using a formula.
Net sales = gross sales – returns – allowances – discounts.
Gross sales = $80,000.
Allowances = $20,000
sales discounts = $3,000
The calculation of net sales is:
Net sales = gross sales – allowances – discounts.
Net sales = gross sales ($80,000) – allowances ($20,000) – discounts ($3,000)
Net sales = 60,000 – 3,000
Net sales = 57,000
The net sales is 57,000.
Therefore, option (c) is correct.
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The missing options of the questions are:-
A) $83,000
B) $63,000
C) $57,000
D) $70,000
