Ceres Computer sales uses the perpetual inventory system and had the following transactions during Sold merchandise on credit for $5,000 terms 3/10 The items sold had a cost of $3, 500 Purchased merchandise for cash %320 Purchased merchandise on credit for 2, 600 terms 1/20, n/30 Issued a credit memorandum for $300 to a customer who returned merchandise purchased November 29 The returned items had a cost of %210 Received payment for merchandise sold December 1 Received a credit memorandum for the return of faulty merchandise purchased on December 4 for $600