Reference no: EM133190254
Question - Mary Company's usual sales terms are net 60 days, FOB shipping point. Sales, net of returns and allowances, totaled P9,200,000 for the year ended Dec. 31, 2009, before year-end adjustments.
Additional data are as follows:
a. On Dec. 27, 2009, Mary authorized a customer to return, for full credit, goods shipped and billed at P200,000 on Dec. 15, 2009. The returned goods were received by Mary on Jan. 4, 2010, and a P200,000 credit memo was issued and recorded on the same date.
b. Goods with an invoice amount of P300,000 were billed and recorded on Jan. 3, 2010. The goods were shipped on Dec. 30, 2009.
c. Goods with an invoice amount of P400,000 were billed and recorded on Dec. 30, 2009. The goods were shipped on Jan. 3, 2010.
Required - What is the adjusted Net Sales of the company for the year ended Dec. 31, 2009?
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