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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
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 Purchased calculators from Sheridan Co. at a total cost of $1,730, terms n/30. 9 Paid freight of $60 on calculators purchased from Sheridan Co. 10 Returned calculators to Sheridan Co. for $55 credit because they did not meet specifications. 12 Sold calculators costing $570 for $750 to Fryer Book Store, terms n/30. 14 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34. 20 Sold calculators costing $540 for $710 to Heasley Card Shop, terms n/30.
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