Sheffield Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Sheffields inventory consists of 230 books purchased at $ 17 each. Sheffield uses a perpetual inventory system. During the month of June, the following merchandise transactions occurred:

June	1		Purchased 160 books on account for $ 15 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 $ 16, terms 2/10, n/45.
	5		Received a $ 150 credit for 10 books returned to Readers World Publishers.
	8		Sold 70 books on account to Read-A-Lot Bookstore for $ 22 each, with an assumed average cost of $ 16, terms 2/10, n/45.
	9		Issued a $ 264 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 $ 16 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 $ 16, terms 2/10, n/45.
	25		Granted Readers Bookstore a $ 322 credit for 14 returned books. These books were restored to inventory.
	29		Paid Readers World Publishers in full.

Is the Sheffield Book Warehouse a retailer or a wholesaler? The Sheffield Book Warehouse is a wholesalerretailer.

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
8
	(To record sales)
8
	(To record cost of goods sold)
9
11
12
17
22
	(To record sales)
22
	(To record cost of goods sold)
25
	(To record sales returns)
25
	(To record cost of goods returned)
29

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

Determine the number of books Sheffield has on hand on 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		$