Table Design Layout Home Insert Design Layout References Mailings * Times New R... - 11 - A A A A BIU. Xx A A Review View E.E.. AaabCeDdle Aabendte AaBbCcDc AaBbc Ode AaBb Pasta 7. A company purchased $6,800 worth of merchandise 3/10, N/35. Transportation cost was an additional $65, paid in cash. Three days after receipt of merchandise, the company returned $300 worth of merchandise. It later paid the invoice within cight days of purchase. The total cost of this merchandise taken into inventory, under the perpetual inventory system, will what amount? Work Space is not a journal) 8. A company markets a sports equipment and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during the first week of January, football cleats were as follows: January 1 Beginning balance 20 pairs $35 per pair January 3 Purchased 36 pairs 538 per pair January 4 Sold 25 pairs S50 per pair January 6 Purchased 22 pairs S40 per pair January 7 Sold 30 pairs @ $50 per pair Required: Using the LIFO method of valuation, determine the: a) Cost of sales b) Value of the ending inventory Purchases Sales Quantity Cost of sales Closing inventory