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On September 1, Ayayai Inc. had an inventory of 41 backpacks at a cost of...

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Accounting

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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