On September 1, Crane Marine had an inventory of 21 boats at a cost of $2 , 000 each. Crane does not expect any returns from sales of boats. The company uses a perpetual inventory system. During September, the following transactions and events occurred: Sep. 3 Purchased 41 boats at $2 , 000 each from Hillside Fibreglass. The boats were shipped FOB destination terms n /30 . 3 The appropriate party paid the freight costs. 6 Received credit of $10 , 000 for the return of 5 boats purchased on September 3 that were defective. 7 Paid for the September 3 purchase. 9 Sold 21 boats for $3 , 000 each to Billington Yacht Club on credit. 13 Cash sale of 16 boats for $3.000 each to Birch Island Ferry. 21 Purchased 27 boats at $2 , 000 each from Johnson Supply terms n /30