Andrea Sampri, Sporting Goods Store purchases sporting goods merchandise merchandise on account. The following are the transaction for November 2017: Andrea uses the perpetual inventory system. November 8 Purchased $1,000 of merchandise on account from E for terms 1/12, net 30 November 11 Returned $300 of defective merchandise. November 16 Paid the amount owed to Benson. enson Inc. Required: Prepare journal entries to record the above transactions. Include a brief description of each transaction. You don't need to include account humbers. Rensic Inc. values its inventory at the lower of cost or net realizable value (LCNRV) as required by IFRS. Rensic has the following information regarding its inventory: $1,500 1,350 75 1,200 Historical cost Estimated selling price Estimated costs to complete and sell Replacement cost Required: What is the amount for inventory that Rensic Inc. should report on the balance sheet under the lower of cost or net realizable value method