On December 7Cullumber Company purchased merchandise inventory with an invoice price of $14400 and credit terms of 2/10, n/30 from Singing River Inc. On December 12, Singing River granted a $2560 allowance because some of the goods did not meet product specification. Cullumber paid the account in full on December 16. In the tabular analysis that follows, the purchase is recorded as Assets Liabilities Stockholders' Equity Retained Earnings Accounts Payable + Common Stock + Rev. - Exp. - Div. Cash + Inventory = an increase to Inventory $14400, and a decrease to Cash $14400 O an increase to inventory $14112, an increase to Accounts Payable $14400, and an increase to Cash $288. an increase to Cost of Goods Sold $14112, and an increase to Accounts Payable $14112. an increase to Inventory $14400, and an increase to Accounts Payable $14400