Concord Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Concord's inventory consists of 240 books purchased at $18 each. Concord uses a perpetual inventory system. Return rates in the book industry are high, with Concord experiencing a 15% return rate historically. During the month of June, the following merchandise transactions occurred: June 1 Purchased 180 books on account for $16 each from Reader's World Publishers, terms n/45. 3 Sold 230 books on account to The Book Nook for $25 each, with an assumed average cost of $17, terms n/45. Received a $144 credit for 9 books returned to Reader's World Publishers. 5 8 9 11 Sold 85 books on account to Read-A-Lot Bookstore for $25 each, with an assumed average cost of $17, terms n/45. Issued a $300 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 $14 each from Read More Publishers, terms n/45. 12 Received payment in full from The Book Nook. 17 Received payment in full from Read-A-Lot Bookstore. 22 25 22 Sold 125 books on account to Reader's Bookstore for $25 each, with an assumed average cost of $17, terms n/45. Granted Reader's Bookstore a $375 credit for 15 returned books. These books were restored to inventory. 29 Paid Reader's World Publishers in full.