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, $14,800, terms FOB shipping point, 1/10, 1/30. Swan Company paid freight of $250, which was added to the invoice. The cost of the merchandise sold was $9,300. 8. Swan Company sold merchandise on account to Bird Company, $22,000, terms FOB destination, 2/15, n/30. The cost of the merchandise sold was $13,200. 8. Swan Company paid freight of $570 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, $9,800, terms FOB shipping point, n/45. The cost of the merchandise sold was $5,900. 26. Bird Company paid freight of $290 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