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Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred. May 13 Sold 8 motors at a cost of $45

Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred.

May 13

Sold 8 motors at a cost of $45 each to Scruffy Brothers Supply Company, terms 4/10, n/30. The motors cost Charlie $26 each.

May 16One defective motor was returned to Charlie.

May 23Received payment in full from Scruffy Brothers.

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