A company purchased inventory for $76,000 from a vendor on account, FOB shipping point, with terms of 3/15, 1/30. The company paid the shipper S1,600 cash for theight in. The company paid the vendor nine days after the invoice date. If there was no beginning inventory, the cost of inventory would be (Assume a perpetual inventory system) $75,320 $71,780 $73,380 572,400 3 points Saver For the year ended December 31, 2019, Davidson Mart had sales of $1,000,000 and cost of goods sold of $750,000. Davidson estimates that approximately 2% of the merchandise sold will be returned. The adjusting journal entry on December 31, 2019, would include a credit to Estimated Returns Inventory for $15,000 credit to Refunds Payable for $20,000 debit to Cost of Goods Sold for $15,000 debit to Sales Revenue for 55.000