Required information [The following information applies to the questions displayed below.] Patel Supply Corporation is a wholesaler of hair supplies. Patel Supply uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $31,317 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) $55,680 for cash refund (original cost of merchandise $290). c. Sold merchandise (costing $6,745 ) to a customer on account with terms n//60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise