Glow Fashion, Inc. offers an unconditional return policy and expects that 1.5% of sales will be returned. The company reports $8,000,000 in total sales for the current period. What is the amount of net sales Glow Fashion should record?

Glow Fashion, Inc. offers an unconditional return policy and expects that 1.5% of sales will be returned. The company reports $8,000,000 in total sales for the current period. What is the amount of net sales Glow Fashion should record?

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter21: Supply Chains And Working Capital Management

Section: Chapter Questions

Problem 11P: Negus Enterprises has an inventory conversion period of 50 days, an average collection period of 35...

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Can you guide me through solving this financial accounting problem using proper techniques?

Glow Fashion, Inc. offers an unconditional return policy and
expects that 1.5% of sales will be returned. The company reports
$8,000,000 in total sales for the current period.
What is the amount of net sales Glow Fashion should record?

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ModCloth Inc. offers an unconditional return policy. It normally expects 2% of sales at retail selling prices to be returned before the return period expires. Assuming ModCloth records total sales of $18 million for the current period, what amount of net sales should it record for this period? $Answer
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Assume that 5% of the L.L. Bean boots are returned by customers for various reasons. L. Bean has a 100% refund policy for returns, no matter what the reason. What would the journal entry be to accrue L.L. Bean's sales returns for this one pair of boots? (Note: L.L. Bean most likely will make monthly/quarterly adjusting entries for the total sales returns accruals, but here we will just look at the accrual associated with the sale of one pair of boots.)
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Negus Enterprises has an inventory conversion period of 50 days, an average collection period of 35 days, and a payables deferral period of 25 days. Assume that cost of goods sold is 80% of sales. What is the length of the firm’s cash conversion cycle? If annual sales are $4,380,000 and all sales are on credit, what is the firm’s investment in accounts receivable? How many times per year does Negus Enterprises turn over its inventory?
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