Recording Purchases Reeves Corporation uses the perpetual system to record inventory transactions. Reeves had the following transactions in April: a. On April 1, Reeves purchased merchandise on credit for $21,900 with terms 2/10, n/30. b. On April 2, Reeves purchased merchandise on credit for $23,800 with terms 3/15,n/25. c. On April 9, Reeves paid for the purchase made on April 1. d. On April 25, Reeves paid for the merchandise purchased on April 2. Lower of Cost or Net Realizable Value The accountant for Davidson, Inc. prepared the following analysis of its inventory at year end: Required