Concord Corp. uses a perpetual inventory system. The company had the following inventory transactions in APIE April 3 Purchased merchandise from Devito Ltd. for $30,800, terms 1/30, FOB shipping point 6 The appropriate company paid freight costs of $770 on the merchandise purchased on April 3. Purchased supplies on account for $5,500. Returned merchandise to DeVito and received a credit of $3,850. The merchandise was returned to inventory for future resale. 30 Paid the amount due to DeVito in full. 7 8