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Blue Spruce Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Blue Spruce's inventory consists of 250 books purchased at

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Blue Spruce Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Blue Spruce's inventory consists of 250 books purchased at $20 each. Blue Spruce uses a perpetual inventory system. During the month of June, the following merchandise transactions occurred: June 1 3 5 8 9 Purchased 170 books on account for $18 each from Reader's World Publishers, terms n/45. Sold 230 books on account to The Book Nook for $25 each, with an assumed average cost of $19, terms 2/10, n/45. Received a $162 credit for 9 books returned to Reader's World Publishers. Sold 100 books on account to Read-A-Lot Bookstore for $23 each, with an assumed average cost of $19, terms 2/10, n/45. Issued a $276 credit memorandum to Read-A-Lot Bookstore for the return of 12 damaged books. The books were determined to be no longer saleable and were destroyed. Purchased 130 books on account for $16 each from Read More Publishers, terms n/45. Received payment in full from The Book Nook. Received payment in full from Read-A-Lot Bookstore. Sold 125 books on account to Reader's Bookstore for $26 each, with an assumed average cost of $19, terms 2/10, n/45. Granted Reader's Bookstore a $390 credit for 15 returned books. These books were restored to inventory. Paid Reader's World Publishers in full. 11 12 17 22 25 29 Create a T account for the Inventory account. Enter the opening balance, post the June transactions related to Inventory, and determine the ending balance in the account. Inventory June 3 4370 June 3 5750 June 8 1900 June 5 162 June 11 2080 June 8 2300 June 25

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