Cost of Merchandise Sold

Based on the following data, determine the cost of merchandise sold for November:

1. Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System

   The following selected transactions were completed during April between Swan Company and Bird Company:

   Apr.2.	Swan Company sold merchandise on account to Bird Company, $32,000, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $330, which was added to the invoice. The cost of the merchandise sold was $19,200.
   8.	Swan Company sold merchandise on account to Bird Company, $49,500, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $29,700.
   8.	Swan Company paid freight of $710 for delivery of merchandise sold to Bird Company on April 8.
   12.	Bird Company paid Swan Company for purchase of April 2.
   18.	Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise.
   23.	Bird Company paid Swan Company for purchase of April 8.
   24.	Swan Company sold merchandise on account to Bird Company, $67,350, terms FOB shipping point, n/45. The cost of the merchandise sold was $40,400.
   26.	Bird Company paid freight of $875 on April 24 purchase from Swan Company.
   30.	Swan Company granted a customer allowance (credit memo) to Bird Company for $11,300 for merchandise that was returned from the August 24 purchase. The cost of the merchandise returned was $6,500.

   Required:

   1. Journalize the April transactions for Bird Company (the buyer).

   Date	Account	Debit	Credit
   Apr. 2

   Date	Account	Debit	Credit
   Apr. 8

   Date	Account	Debit	Credit
   Apr. 12

   Date	Account	Debit	Credit
   Apr. 18

   Date	Account	Debit	Credit
   Apr. 23

   Date	Account	Debit	Credit
   Apr. 24

   Date	Account	Debit	Credit
   Apr. 26

   Date	Account	Debit	Credit
   Apr. 30

   2. Journalize the April transactions for Swan Company (the seller).

   Date	Account	Debit	Credit
   Apr. 2-sale

   Date	Account	Debit	Credit
   Apr. 2-freight

   Date	Account	Debit	Credit
   Apr. 2-cost

   Date	Account	Debit	Credit
   Apr. 8-sale

   Date	Account	Debit	Credit
   Apr. 8-cost

   Date	Account	Debit	Credit
   Apr. 8-freight

   Date	Account	Debit	Credit
   Apr. 12

   Date	Account	Debit	Credit
   Apr. 18

   Date	Account	Debit	Credit
   Apr. 23

   Date	Account	Debit	Credit
   Apr. 24-sale

   Date	Account	Debit	Credit
   Apr. 24-cost

   Date	Account	Debit	Credit
   Apr. 30

   Date	Account	Debit	Credit
   Apr. 30

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