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Current Attempt in Progress The following merchandise transactions occurred in December. Both...

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Accounting

Current Attempt in Progress
The following merchandise transactions occurred in December. Both companies use a perpetual inventory system.
Dec. 3 Whispering Winds Ltd. sold goods to Ayayai Corp. for $54,400, terms n/15, FOB shipping point. The inventory had
cost Whispering Winds $28,800. Whispering Winds's management expected a return rate of 3% based on prior
experience.
7 Shipping costs of $720 were paid by the appropriate company.
8 Ayayai returned unwanted merchandise to Whispering Winds. The returned merchandise has a sales price of $1,680,
and a cost of $920. It was restored to inventory.
11 Whispering Winds received the balance due from Ayayai.
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