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Purchase-related transactions using perpetual inventory system The following selected transactions were completed by Niles Co....

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Purchase-related transactions using perpetual inventory system The following selected transactions were completed by Niles Co. during March of the current year: Date Transaction Mar. 1. Purchased merchandise from Haas Co., $43,250, terms FOB shipping point, 2/10, n/30. Prepaid freight of $650 was added to the invoice. 5. Purchased merchandise from Whitman Co., $19,175, terms FOB destination, n/eom. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $15,550, terms FOB destination, 2/10, n/30. 14. Issued debit memo to Jost Co. for merchandise with an invoice amount of $3,750 returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $13,560, terms FOB shipping point, n/eom. 18. Paid freight of $140 o

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