On October 1, the Kile Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $150 each During the month of October, the following transactions occurred Assume Kile uses a perpetual inventory system Oct 4 Purchased 180 bicycles at a cost of $145 each from the Nixon Bicycle Company, terms 2 10,n 30 5 Paid freight of $900 on the October 4 purchase 6 Sold 10 bicycles from the October 1 inventory to Team America for $250 each, terms 2 10,n 30 7 Received credit from the Nixon Bicycle Company for the return of 8 defective bicycles 13 Issued a credit memo to Team America for the return of a wrong clear bicycle 14 Paid Nixon Bicycle Company in full, less discount

Question

On October 1, the Kile Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $150 each  During the month of October, the following transactions occurred  Assume Kile uses a perpetual inventory system  Oct  4 Purchased 180 bicycles at a cost of $145 each from the Nixon Bicycle Company, terms 2 10,n 30  5 Paid freight of $900 on the October 4 purchase  6 Sold 10 bicycles from the October 1 inventory to Team America for $250 each, terms 2 10,n 30  7 Received credit from the Nixon Bicycle Company for the return of 8 defective bicycles  13 Issued a credit memo to Team America for the return of a wrong clear bicycle  14 Paid Nixon Bicycle Company in full, less discount

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On October 1, the Kile Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $150 each. During the month of

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