During 2024, its first year of operations, Hollis Industries recorded sales of $11,700,000 and experienced returns of $650,000. Cost of goods sold totaled $8,190,000 (70% of sales). The company estimates that 7% of all sales will be returned. How much net revenue will Hollis Industries report at the end of its first year of operations?
a) $2,947,000
b) $3,420,000
c) $3,658,500
d) $4,330,000
