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Our book distribution division sells to national bookstores

Our book distribution division sells to national bookstores

Our book distribution division sells to national bookstores. Our division allows for up to 25% of sales in returns. For the past 4 years, returns have averaged
20%. We record revenue based on revenue recognition when the right of return exists. Total Sales for 2012 $ 9,000,000 Sales Still Available for return for six
months $ 2,000,000 Actual Returns on Sales not returnable 21% 2011 Sales collected in 2012 $ 2,500,000 2011 Sales returned in 2012 19% Calculate the revenue to be
recognized in fiscal year 2012. Show all calculations for full credit.

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