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Sales 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
Sales 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: Date Transaction Apr. 2. Swan Company sold merchandise on account to Bird Company, $62,000, terms FOB shipping point, n/15. Swan paid freight of $1,815, which was added to the invoice. The cost of the goods sold was $32,300. 8. Swan Company sold merchandise on account to Bird Company, $49,000, terms FOB destination, n/15. The cost of the goods sold was $27,100. 8. Swan Company paid freight of $1,125 for delivery of merchandise sold to Bird Company on April 8. 17. Bird Company paid Swan Company for purchase of April 2. 23. Bird Company paid Swan Company for purcha
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