Grouper Ltd. distributes suitcases to retail stores. At the end of June, Grouper's inventory consisted of 70 suitcases purchased at $50 each. Grouper uses a perpetual inventory system. Grouper has experienced a 5\% return rate historically. During the month of July, the following merchandising transactions occurred: July 2 Purchased 75 suitcases on account for $60 each from Carla Vista Ltd., terms 2/10, n/30. 3 Received a $240 credit from Carla Vista after returning four suitcases because they were damaged. 6 Sold 60 suitcases on account to Satchel World Inc. for $90 each, with an individual cost of $50, terms n/45. 7 Issued a $270 credit for three suitcases returned by Satchel World because they were the wrong model. The suitcases were returned to inventory. 9 Sold three suitcases - the right model number this time-on account to Satchel World Inc. for $100 each, with an individual cost of $60, terms n/30. 11 Paid Carla Vista the balance owing. 13 Sold 25 suitcases on account to The Going Concern Limited for $100 each, with an individual cost of $60, terms n/30. 11 Paid Carla Vista the balance owing. 13 Sold 25 suitcases on account to The Going Concern Limited for $100 each, with an individual cost of $60, terms n/30. 16 Purchased 80 suitcases on account for $4,960 from Holiday Manufacturers, terms n/30. 17 Issued a $500 credit for five suitcases returned by The Going Concern because they were damaged. These suitcases were not restored to inventory. 20 Received payment in full from Satchel World for all transactions. 27 Received payment in full from The Going Concern