Concord Ltd. distributes olive oil to grocery stores and restaurants. At the end of October, Concord's inventory consists of 170 one- litre bottles of olive oil purchased at $12 per litre. Concord uses a periodic inventory system. Return rates in food industry are moderate, with Concord experiencing a 5% return rate historically. During the month of November, the following merchandise transactions occurred: November 2 Sold 120 one-litre bottles of olive oil on account to Eatalia Grocery for $28 each, with an average cost of $12. 4 Purchased 210 bottles of olive oil for $11 each from Ambrosia Oleum, terms n/30. 8 Purchased 210 bottles on account for $12 each from EVOO, terms n/30. 10 Granted Eatalia a $140 credit for five bottles of olive oil returned to Concord. The bottles were restored to inventory. 13 14 16 Received a $120 credit for 10 bottles of olive oil returned to EVOO. Sold 35 bottles of olive oil on account to Mezes Restaurant for $40 each, with an average cost of $12, terms n/30. Issued a $112 credit memorandum to Eatalia Grocery for the return of four bottles of olive oil. The bottles were not returned to inventory as it was past the best before date. 18 Received payment in full from Eatalia Grocery. 24 Paid EVOO in full. Screenshot 26 Received payment in full from Mezes.