The Jones Corporation uses a periodic inventory system. The company has a beginning inventory of 350 units at $6 each on January 1. Jones purchases 600 units at $5 each in February and 250 units at $7 each in March. There were no additional purchases or sales during the remainder of the year. Jones sells 200 units during the quarter. If Jones uses the weighted average method, what is its cost of goods sold for the quarter?

When a customer returns for credit a defective product it had purchased, the seller would record the transaction by:

1. debiting Cash.

2. crediting Sales Revenue.

3. debiting Cost of Goods Sold.

4. debiting Sales Revenue.