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