Whispering Winds Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Whispering Winds's inventory consists of 270 books purchased at $18 each. Whispering Winds uses a perpetual inventory system. Return rates in the book industry are high, with Whispering Winds experiencing a 15% return rate historically. During the month of June, the following merchandise transactions occurred: June 1 Purchased 160 books on account for $16 each from Reader's World Publishers, terms n/45. 3 Sold 220 books on account to The Book Nook for $25 each, with an assumed average cost of $17, terms n/45. 5 Received a $160 credit for 10 books returned to Reader's World Publishers. 8 Sold 79 books on account to Read-A-Lot Bookstore for $25 each, with an assumed average cost of $17, terms N/45. 9 Issued a $300 credit memorandum to Read-A-Lot Bookstore for the return of 12 damaged books. The books were determined to be no longer saleable and were destroyed. 11 Purchased 130 books on account for $16 each from Read More Publishers, terms n/45. 12. Received payment in full from The Book Nook. 17 Received payment in full from Read.A.Lot Bookstore. 22 Sold 125 books on account to Reader's Bookstore for $26 each, with an assumed average cost of $17, terms n/45. 25 Granted Reader's Bookstore a $390 credit for 15 returned books. These books were restored to inventory? 29. Paid Reader's World Publishers in full