gnment 4-Chapter 5 Question 6 of 6 View Policies Show Attempt History Current Attempt in Progress The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 4.58/20 Bramble Ltd. sold goods to Sheffield Corp. for $76,500, terms n/15, FOB shipping point. The inventory had cost Bramble $40,700. Bramble's management expected a return rate of 3% based on prior experience. 7 Shipping costs of $1,060 were paid by the appropriate company. 8 11 11 Sheffield returned unwanted merchandise to Bramble. The returned merchandise has a sales price of $2,360, and a cost of $1,260. It was restored to inventory. Bramble received the balance due from Sheffield. (a) Your answer is partially correct