Monty Warehouse distributes suitcases to retail stores and extends credit terms of 1/30 to all of its customers. Monty Warehouse uses a periodic inventory system the earnings approach. At the end of June its lewentory consted of 33 suitcases purchased at 560 each. During the month of July, the following merchandising transactions occurred: July 1 2 4 10 12 Purchased 50 suitcases on account for $ 60 each from Trunk Manufacturers, terme 1/30, FOB destination The correct company pad $ 125 freight on the July purchase Received S 300 credit for five suitcases returned to Trunk Manufacturers because they were damaged Sold 45 suitcases that cost $ 60 each to Satchel World for 5 65 each on account Issued a $ 325 credit for five suitcases returned by Satchel World because they were the wrong colour. The suitcmes were returned to inventory Purchased 60 additional suitcases from Trunk Manufacturers for $57.50 each termen/30. FOB shipping point Paid 5 150 freight to AA Trucking Company for merchandise purchased from Trunk Manufacturers. Sold 54 suitcases that costs 60 each to Fly-By-Night for $65 each on account Gave Fly By Nielita 5 130 credit for two returned suitcases. The suitcases had been damaged and were sent to the recyclers 15 18 21 23 30 Pald Trunk Manufacturers for the July 1 purchase 31 Received balance owing from Satchel World 11M 590 Goudy ING A 4 Type here to search Question 3 of 4