During the months of January and February, Solitare Corporation sold goods to two customers. The sequence...

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During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as fo

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Answer 1

Answer #1

Answer:

$114.80

Explanation:

Net Sales:

= Sales (January & February) of wizard and Spyder - Discount allowed to Wizard Inc

= ($60 + $56) - ($60 × 2%)

= $116 - $1.20

= $114.80

Gross Profit = Net Sales - Cost of goods sold

= $114.80 - ($62 + $52)

= $114.80 - $114

= $0.80

Therefore, total revenue Solitare would report over the two months is $ 114.80 with a gross profit of $0.80.

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Answer 2

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