HP Company sold 200,000 units of their product during March….
HP Company sold 200,000 units of their product during March. The products sell for $7.5/unit and carries a cost of $2/unit. HP Company accepts product returns for 4-months post sale. During March, 50 units of product were returned. As of March 31, a balance sheet date, HP Company estimates that another 80 products will be returned before the right of return expires. When HP Company prepares their income statement on March 31, what is the net amount of revenue (revenue – sales returns and allowances) they will report related to the sale of these products?