3 Crane Company commenced operations on July 1. Crane Company uses a periodic inventory system. During July. Crane Company was involved in the following transactions and events: July 2 Purchased $14,300 of merchandise from Suppliers Inc on account, terms 2/10, 1/30, FOB shipping point Returned $1.200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers. Paid $590 of freight costs on July 2 shipment. Sold merchandise for $2.700 cash. Paid Suppliers Inc. the full amount owing. Sold merchandise for $6,400 on account, 1/10,n/30, FOB shipping point. Received full payment for the merchandise sold on July 15. Crane did a physical count and determined there was $9,700 of inventory on hand. 8 11 15 25 31