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Effective September 1, a company initiates seasonal dating as a component of its credit policy, allowing wholesale customers to make purchases early but not requiring payment until the retail selling season begins. Sales occur as follows:
Date of sale . . . Quantity sold
September 1 . . . 300 units
October 1 . . . . 100 units
November 1 . . . . 100 units
December 1 . . . . 150 units
January 1 . . . . .50 units
• Each unit has a selling price of $10, regardless of the date of sale.
• The terms of sale are 2/10 net 30, January 1 dating.
• All sales are on credit.
• All customers take the discount and abide by the terms of the discount policy.
• All customers take advantage of the new seasonal dating policy.
• The peak selling season for all customers is mid- November to late December.
For sales after the initiation of the seasonal dating policy on September 1, total collections on or before January 11 will be