The following information is available from the annual reports of Flynn Company and Tolan Inc. (Amounts in millions) Flynn Tolan Sales revenue Cost of goods sold Operating expenses $32,622 $40,457 20,739 24,431 7,428 9,188 Income before taxes 4,455 6,838 Net income 2,594 4,072 On October 1, the Cullumber Bicycle Store had an inventory of 21 ten speed bicycles at a cost of $155 each. During the month of October, the following transactions occurred. Assume Cullumber uses a perpetual inventory system Oct. 4 Purchased 199 bicycles at a cost of $150 each from the Nixon Bicycle Company terms 2/10, 1/30 5 Paid freight of $900 on the October 4 purchase. 6 Sold 11 bicycles from the October 1 Inventory to Team America for $290 each terms 2/10,30 7 Received credit from the Nibon Bicycle Company for the return of 27 defective bicycles 13 Issued a credit memoto Team America for the return of a defective bicycle 14 Pald Nixon Bicycle Company in less discount The following information is available from the annual reports of Flynn Company and Tolan Inc. (Amounts in millions) Flynn Tolan Sales revenue Cost of goods sold Operating expenses $32,622 $40,457 20,739 24,431 7,428 9,188 Income before taxes 4,455 6,838 Net income 2,594 4,072 On October 1, the Cullumber Bicycle Store had an inventory of 21 ten speed bicycles at a cost of $155 each. During the month of October, the following transactions occurred. Assume Cullumber uses a perpetual inventory system Oct. 4 Purchased 199 bicycles at a cost of $150 each from the Nixon Bicycle Company terms 2/10, 1/30 5 Paid freight of $900 on the October 4 purchase. 6 Sold 11 bicycles from the October 1 Inventory to Team America for $290 each terms 2/10,30 7 Received credit from the Nibon Bicycle Company for the return of 27 defective bicycles 13 Issued a credit memoto Team America for the return of a defective bicycle 14 Pald Nixon Bicycle Company in less discount