Sales and purchase-related transactions for seller and buyer using perpetual inventory system Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. Instructions The following selected transactions were completed during August between Summt Company and Beartooth Co. Both companies use the net method under a perpetual inventory system. 2//15,n//eom. The cost of the goods sold was $30,000. 2 Summit Company paid freight of $1,265 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $59,560, terms FOB shipring point, nieom. The cost of the goods sold was $13,840. 9 Beartooth Co. paid freight of $2,290 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on