Test 2 Calculator Instructions The following were selected from among the transactions completed by Babcock Company during November of the current year. Babcock uses the net method under a perpetual Inventory system. Nov. 3 4 5 6 8 Purchased merchandise on account from Moonlight Co., list price $89.000, trade discount 30%, terms FOB destination, 2/10, n/30 Sold merchandise for cash, S38,210. The cost of the goods sold was $20,810. Purchased merchandise on account from Papoose Creek Co., 551,550, terms FOB shipping point, 2/10,n/30, with prepaid freight of $730 added to the Involce. Returned $14,000 ($20,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. Sold merchandise on account to Quinn Co., $15,010 with terms n/15. The cost of the goods sold was $10.190. Paid Moonlight Co. on account for purchase of November 3, less retum of November 6. Sold merchandise on VISA, $231,570. The cost of the goods sold was $142,080. Paid Papoose Creek Co. on account for purchase of November 5. Received cash on account from sale of November 8 to Quinn Co. Sold merchandise on account to Rabel Co., $54,500, terms 1/10, 1/30. The cost of the goods sold was $33,850 13 15 23 24 28 Paid VISA service fee of $3,580 30 Pald Quinn Co. a cash refund of $6.420 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,140. Previous All work saved. Save and Exit Submit Test for Grading