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Ivanhoe Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 6 7 Purchased merchandise from Sarasota Ltd. for $24,080, terms n/30, FOB shipping point. The appropriate company paid freight costs of $602 on the merchandise purchased on April 3. Purchased supplies on account for $4,300. Returned merchandise to Sarasota and received a credit of $3,010. The merchandise was returned to inventory for future resale. Paid the amount due to Sarasota in full. 8 30 1. 2. The cost of the merchandise sold on April 3 was $16,340. Sarasota expected a return rate of 15%. The cost of the merchandise returned on April 8 was $1,978. Sarasota uses a perpetual inventory system. 3. Date Account Titles and Explanation Debit Credit Apr. 3 Accounts Receivable 24080 Sales 20468 Sales Returns and Allowances 3612 (To record credit sale) Apr. 3 Cost of Goods Sold 13889 Accounts Payable 2451 Inventory 16340 (To record cost of merchandise sold) Apr. 6 No Entry 0 No Entry 0 Apr. 7 No Entry 0 No Entry 0 (To record return of goods) (To record cost of merchandise returned)