Pina Colada Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Pina Coladas inventory consists of 230 books purchased at $19 each. Pina Colada uses a perpetual inventory system. Return rates in the book industry are high, with Pina Colada experiencing a 15% return rate historically. During the month of June, the following merchandise transactions occurred:

June	1		Purchased 170 books on account for $17 each from Readers World Publishers, terms n/45.
	3		Sold 220 books on account to The Book Nook for $25 each, with an assumed average cost of $18, terms n/45.
	5		Received a $170 credit for 10 books returned to Readers World Publishers.
	8		Sold 82 books on account to Read-A-Lot Bookstore for $24 each, with an assumed average cost of $18, terms n/45.
	9		Issued a $288 credit memorandum to Read-A-Lot Bookstore for the return of 12 damaged books. The books were determined to be no longer saleable and were destroyed.
	11		Purchased 130 books on account for $15 each from Read More Publishers, terms n/45.
	12		Received payment in full from The Book Nook.
	17		Received payment in full from Read-A-Lot Bookstore.
	22		Sold 125 books on account to Readers Bookstore for $23 each, with an assumed average cost of $18, terms n/45.
	25		Granted Readers Bookstore a $345 credit for 15 returned books. These books were restored to inventory.
	29		Paid Readers World Publishers in full.

Record the June transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all answers to 0 decimal places, e.g. 125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit June 1 3 (To record sales) 3 (To record cost of goods sold) 5 (To record sales) 8 (To record cost of goods sold) 9 8 11 Create a T account for the Inventory account. Enter the opening balance, post the June transactions related to Inventory, and determine the ending balance in the account. Inventory T Y Y T T T T T T SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Determine the number of books Ayayal has on hand June 30. What is the average cost of these books on June 30? (Hint: Divide the ending balance in the Inventory account calculated in part (c) and divide it by the number of books on hand at June 30.) (Round average cost per book to 2 decimal places, e.g. 5.25.) Books on hand at June 30 Average cost per book 5 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT