Flint Ltd. distributes olive oil to grocery stores and restaurants. At the end of October, Flint's inventory consists of 160 one-litre bottles of olive oil purchased at $12 per litre. Flint uses a perpetual inventory system. Return rates in food industry are moderate, wit Flint experiencing a 6% return rate historically. During the month of November, the following merchandise transactions occurred: November 2 Sold 100 one-litre bottles of olive oil on account to Eatalia Grocery for $30 each, with an average cost of $12. 4 Purchased 230 bottles of olive oil for $10 each from Ambrosia Oleum, terms n/30. 8 Purchased 230 bottles on account for $11 each from EVOO, terms n/30. 10 Granted Eatalia a $150 credit for five bottles of olive oil returned to Flint. The bottles were restored to imventory. 13 Received a $110 credit for 10 bottles of olive oil returned to EVOO. 14 Sold 30 bottles of olive oil on account to Mezes Restaurant for $40 each, with an average cost of $11, terms n/30. 16 Issued a $120 credit memorandum to Eatalia Grocery for the return of four bottles of olive oil. The bottles wer not retumed to inventory as it was past the best before date. 18 Received payment in full from Eatalia Grocery. 24 Paid EVOO in full. 26 Received payment in full from Mezes. 30 Sold 55 bottles to La Bodega Grocery for $30 each, with an average cost of $11, terms n/30. Date Account Titles and Explanation Debit Credit Nov. 2 (To record sales) Nov. 2 Nov. 4 Nov. 8 Nov. 10 Nov. 13 Nov. 14 Nov. 16 (To record cost of goods sold) Nov. 18 Nov. 24 Nov. 26 Nov. 30 (To record cost of goods sold) (To record sales return) (To record cost of inventory returned)