The returned items would sell for 300 and cost 130

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On November 16, the customer returns merchandise from the November 13 transaction. The returneditems would sell for $300 and cost $130; the items were not damaged and were returned to inventory.Journalize the above merchandising transaction1)   
 
 1,500
  
   
 
 30
 1,470
  
   
 
 196
      4)   
Nov. 10Merchandise Inventory90       Cash 90 To record payment of freight charges.      5)   Nov. 13Accounts Receivable1,600       Sales 1,600 To record sale of merchandiseon credit.       Cost of Goods Sold800  Merchandise Inventory 800 To record cost of merchandisesold.      6)   Nov. 16Sales Returns and Allowances300 
 300
      
 
 130
  Instructor note: This second entry changes if the goods returned are defective. In this case the returned inventory is recorded at its estimated value, not its cost. To illustrate, if the goods (costing $130) returned are defective and estimated to be worth, say, $50, the following entry is made: Dr. Merchandise Inventory for $50, Dr. Loss from Defective Merchandise for $80, and Cr. Cost of Goods Sold for $130.A company reports the following beginning inventory and purchases for the month of January. OnJanuary 26, the company sells 350 units. 150 units remain in ending inventory at January 31.UnitsUnit CostBeginning inventory on January 1320 $ 3.00 Purchase on January 980 3.20 Purchase on January 25100 3.34 Assuming the perpetual inventory system is used. Determine the costs assigned to ending inventorywhen costs are assigned based on the weighted average method. (Amounts to be deducted should beindicated with a minus sign. Round your per unit costs to 2 decimal places.)

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