View Policies Current Attempt in Progress Olaf Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 6 7 Purchased merchandise from DeVito Ltd. for $28,000, terms n/30, FOB shipping point. The appropriate company paid freight costs of $700 on the merchandise purchased on April 3. Purchased supplies on account for $5,000. Returned merchandise to DeVito and received a credit of $3,500. The merchandise was returned to inventory for future resale Paid the amount due to DeVito in full. 8 30