Concord Warehouse distributes suitcases to retail stores and extends credit terms of n//30 to all of its customers. Concord Warehouse uses a perpetual inventory system and the earnings approach. At the end of June, its inventory consisted of 40 suitcases purchased at $30 each. During the month of July, the following merchandising transactions occurred: July 1 Purchased 50 suitcases on account for $30 each from Trunk Manufacturers, terms n//30, FOB destination. 2 The correct company paid $135 freight on the July 1 purchase. 4 Received $150 credit for five suitcases returned to Trunk Manufacturers because they were damaged. 10 Sold 45 suitcases that cost $30 each to Satchel World for $65 each on account. 12 Issued a $325 credit for