Yoshi Inc. sells hats and accounts for its inventory using FIFO with a perpetual system. At the beginning of January, the company has hat inventory $2,000 ( $20 x 100). Jan. 7 Purchased on account 240 hats for $25 each with terms of 3/10, n/30. Jan. 8 Paid $230 cash for shipping associated with the Jan. 7th purchase. Jan. 10 Returned 40 defective hats from Jan. 7th purchase receiving a credit of $25 for each hat. Jan. 16 Makes full payment for inventory purchased on Jan. 7th. Jan. 20 Sells 300 hats to Mario on account for $15,000 ($50 each). Record the Jan. 8 transaction: Debit Credit Jan. [ Select] [ Select] 8 [ Select ] V [ Select]