On September 1, Ayayai Inc. had an inventory of 41 backpacks at a cost of...
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On September 1, Ayayai Inc. had an inventory of 41 backpacks at a cost of $30 each. The company uses a perpetual inventory system and estimates returns at 10%. During September, the following transactions occurred:
| Sep | 4 | Purchased 58 backpacks at $30 each from Back Packs Unlimited, terms n/30. |
| 6 | Received credit of $210 for the return of 7 backpacks purchased on Sept. 4 that were defective. | |
| 9 | Sold 43 backpacks for $50 each to University Supply, terms n/30. | |
| 14 | Paid Back Packs Unlimited in full. | |
| 18 | Received payment from University Supply. |
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