n September 1, Stanton Supply had an inventory of 20 back packs at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions and events occurred.

Sept. 3 Purchased 40 back packs at $20 each from Janzen. Received a 10% volume discount.

6 Received credit of $72 for the return of 4 back packs purchased on Sept. 3 that were defective.

7 Paid for the September 3 purchase.

9 Sold 20 back packs for $30 each to McGill Books.

13 Sold 15 back packs for $30 each to Calvin Office Supply.

21 Purchased 25 back packs at $18 each from Coleman Company.

30 A physical inventory count indicated an ending inventory balance of $774.