entories than a perpetual system. Instructions Identify each statement as true or false. If false, indicate how to correct the statement. E5.2 (LO 2) Information related to Kerber Co. is presented below. 1. On April 5, purchased merchandise on account from Wilkes Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Wilkes Company and was granted a $3,000 credit for returned merchandise. 5. On April 15, paid the amount due to Wilkes Company in full