e following information applies to the questions displayed below Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $329,350) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) $695,000 for cash refund (original cost of merchandise $4,500). c. Sold merchandise (costing $9,240) to a customer on account with terms 2/10, n/30 d. Collected half of the balance owed by the customer in (c) within the discount period. e. Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid. 6,900 5,400 7,546 2,250