Sheridan Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 1. 2. 3 Purchased merchandise from Pina Colada Ltd. for $30,500, terms 2/10, n/30, FOB shipping point. The appropriate company paid freight costs of $750 on the merchandise purchased on April 3. Purchased supplies on account for $5,700. 3. 6 7 8 30 Additional information: Returned merchandise to Pina Colada and received a credit of $4,200. The merchandise was returned to inventory for future resale. Paid the amount due to Pina Colada in full. The cost of the merchandise sold on April 3 was $20,700. The cost of the merchandise returned on April 8 was $2,730. Pina Colada uses a perpetual inventory system.

Sheridan Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: Aprii 3 Purchased merchandise from Pina Colada Ltd for $30,500, terms 2/10,N30, FOB shipping point: 6 The appropriate company paid freight costs of $750 on the merchandise purchased on April 3. 7 Purchased supplies on account for $5,700. 8 Returned merchandise to Pina Colsda and received a credit of $4,200. The merchandise was returned to imventory foc future resale. 30 Paid the amount due to Pina Colada in full. Additional information 1. The cost of the merchandise sold on April 3 was $20,700. 2. The cost of the merchandise returned on April 8 was $2,730. 3. Pina Colada uses a perpetual inwentory system