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Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September,
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 9 10 12 14 20 Purchased calculators from Blossom Co. at a total cost of $1,640, on account, terms n/30. Paid freight of $50 on calculators purchased from Blossom Co. Returned calculators to Blossom Co. for $55 credit because they did not meet specifications. Sold calculators costing $470 for $630 to Fryer Book Store, on account, terms n/30. Granted credit of $35 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $21. Sold calculators costing $530 for $680 to Heasley Card Shop, on account, terms n/30.
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