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Sheffield Corp. uses a perpetual inventory system. The company had the following inventory transactions in...

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Accounting

Sheffield Corp. uses a perpetual inventory system. The company had the following inventory transactions in April.
Apr.
3
Purchased merchandise from Swifty Ltd. for $28,200, terms 210, n/30, FOB shipping point.
6 The appropriate company paid freight costs of $830 on the merchandise purchased on April 3.
7 Purchased supplies on account for $5,160 from Lomax Industries.
8 Returned merchandise to Swifty and received a credit of $3,400. The merchandise was returned to inventory for future resale.
30 Paid the amount due to Swifty in full.
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