Reference no: EM133172359

Question - Blassie Incorporated sells scented candles, generally in bulk to retail stores. During December 2018 Blassie records the following transactions:

Sales total $155,000. Of these:

$12,000 are in cash

$17,000 are on credit card, with a 2.1% fee rate

$35,000 on account; for these Blassie offers invoice terms 2/10, n/30

$5,000 are on account with a markdown of 50% (i.e., the original selling price was $10,000); these are unpopular and discontinued scents that Blassie is trying to get rid of.

The remaining $86,000 is on account.

The cost of goods sold for these candles is collectively $64,000.

Blassie has additional expenses totaling $37,000.

Of $35,000 invoiced at 2/10, n/30:

Blassie collected $19,000 within the discount window.

For $6,000, the customer paid but after the discount period had passed.

The remaining $10,000 are unpaid at the end of the month.

A customer returns $1,500 worth of candles; Blassie gives the customer a credit for future purchases. The cost of the candles was $850.

1) Calculate the net sales for December 2018?

2) Calculate the cost of goods sold for December 2018?

3) Calculate the net income for December 2018?