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October 5, Lane Company buys merchandise on account from O'Brien Company. The selling price of the goods is $4,540, and the cost of O'Brien Company

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October 5, Lane Company buys merchandise on account from O'Brien Company. The selling price of the goods is $4,540, and the cost of O'Brien Company is $2,680. On October 8, Lane returns defective goods with a selling price of $723 and a scrap value of $235. Record the transactions on the books of Lane Company. Lane Company use the inventory costing system. October 5, Lane Company buys merchandise on account from O'Brien Company. The selling price of the goods is $4,540, and the cost of O'Brien Company is $2,680. On October 8, Lane returns defective goods with a selling price of $723 and a scrap value of $235. Record the transactions on the books of Lane Company. Lane Company use the inventory costing system

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