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: Apc. 2. Swan Company sold merchandise on account to Bird Company, $16,600, terms FoB shipping point, 1/10, n/30, 5 wan Company paid freight of $305, which was added to the invoice. The cost of the merchandise sold was $10,500. 8. Swan Company sold merchandise on account to Bird Company, $30,000, terms foB destination, 2/15,n/30. The cost of the merchandise sold was $18,000. 8. Swan Company paid freight of $600 for delivery of merchandise sold to Bird Company on Apni 8. 12. Bird Company paid Swan Company for purchase of Apni 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, $13,400, terms FoB shipping point, n/45. The cost of the merchandise sold was $8,000. 26. Bird Company paid freight of $320 on April 24 purchase from Swan Cornpany