Ivanhoe Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April Purchased merchandise from Culver Ltd. for $30,240, terms n/30, FOB shipping point. The appropriate company paid freight costs of $756 on the merchandise purchased on April 3. Purchased supplies on account for $5,400. Returned merchandise to Culver and received a credit of $3,780. The merchandise was returned to inventory for 30 Paid the amount due to Culver in full. 3 6 7 8 future resale. 1. 2. 3. The cost of the merchandise sold on April 3 was $20,520. Culver expected a return rate of 15%. The cost of the merchandise returned on April 8 was $2,484. Culver uses a perpetual inventory system. Record the transactions in the books of Culver. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Credit Date Apr. 3 Debit 30240 (To record credit sale) Apr. 3 (To record cost of merchandise sold) Apr. 6 Apr. 7 Apr. 8 (To record return of goods) Apr. 8 (To record cost of merchandise returned) Apr. 30 Cash Accounts Recevable