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Monty Shoe Sales has a January 31 fiscal year-end. At the start of the year, Monty had 255 pairs of shoes in its Inventory at

image text in transcribedimage text in transcribed Monty Shoe Sales has a January 31 fiscal year-end. At the start of the year, Monty had 255 pairs of shoes in its Inventory at a cost of $30 per pair. Assume that the oldest inventory is sold first. Monty uses a perpetual inventory system and estimates returns of 5% on all sales. During the month of February 2022, the following transactions took place: Feb. 4 Purchased 1,020 pairs for $20 each from Grouper Corp. on account, terms n/30. 11 Returned 102 pairs to Grouper for $2,040 credit because the shoes were the wrong size. 13 Sold 210 pairs for $90 each to Shoes for Kids, terms n/30. 18 Granted credit of $1,170 to Shoes for Kids for the return of 13 pairs that were the wrong colour. The shoes were restored to inventory. 26 Paid Grouper the amount owing. 28 Received payment in full from the Shoes for Kids. Record the February transactions. (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 O for the amounts. List all debit entries before credit entries. Round Cost of goods sold and inventory return answers to 2 decimal places, e.g. 1252.50)

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