On September 1, Reid Supply had an inventory of 15 backpacks at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions and events occurred.

Sept. 4

Purchased 70 backpacks at $20 each from Hunter, terms 2/10, n/30.

Sept. 6

Received credit of $100 for the return of 5 backpacks purchased on Sept. 4 that were defective.

Sept. 9

Sold 40 backpacks for $35 each to Oliver Books, terms 2/10, n/30.Sept. 13

Sold 15 backpacks for $35 each to Heller Office Supply, terms n/30.

Sept. 14

Paid Hunter in full, less discount.