Bino Corp uses a perpetual inventory system. The following activities occurred in June, Bino's first month of operations. June 2 Bino purchased $60,000 worth of inventory on credit, terms 3/15, n/60. June 3 Bino paid transportation costs of $1,600. June 7 Bino returned $8,000 worth of the inventory to the supplier for a full refund. June 14 Bino paid the supplier for the inventory