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E5-3 On September 1, Howe Office Supply had an inventory of 30 calculators at a cost of $18
Each.The company uses a perpetual inventory system. During September, the following transactions
Occurred.
Sept. 6 Purchased 80 calculators at $20 each from DeVito Co. for cash.
9 Paid freight of $80 on calculators purchased from DeVito Co.
10 Returned 2 calculators to DeVito Co. for $42 credit (including freight) because they
Did not meet specifications.
12 Sold 26 calculators costing $21 (including freight) for $31 each to Mega Book Store,
Terms n/30.
14 Granted credit of $31 to Mega Book Store for the return of one calculator that was not
Ordered.
20 Sold 30 calculators costing $21 for $31 each to Barbara's Card Shop, terms n/30.