The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Sheffield Ltd. sold goods to Bramble Corp. for $57,000, terms n/15, FOB shipping point. The inventory had cost Sheffield $30,200. Sheffield's management expected a return rate of 3% based on prior experience. 7 Shipping costs of $760 were paid by the appropriate company. 8 Bramble returned unwanted merchandise to Sheffield. The returned merchandise has a sales price of $1,760, and a cost of $960. It was restored to inventory. 11 Sheffield received the balance due from Bramble.