Oriole Company commenced operations on July 1. Oriole Company uses a periodic inventory system. During July, Oriole Company was involved in the following transactions and events:

July 2		Purchased $14,300 of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point.
3		Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers.
4		Paid $510 of freight costs on July 2 shipment.
8		Sold merchandise for $2,300 cash.
11		Paid Suppliers Inc. the full amount owing.
15		Sold merchandise for $6,000 on account, 1/10, n/30, FOB shipping point.
25		Received full payment for the merchandise sold on July 15.
31		Oriole did a physical count and determined there was $9,900 of inventory on hand.