Bingerton Industries uses a perpetual inventory system. The company began the year with inventory of $75,000. Purchases

Question:

Bingerton Industries uses a perpetual inventory system. The company began the year with inventory of $75,000. Purchases of inventory on account during the year totaled $300,000. Inventory costing $325,000 was sold on account for $500,000.
Required:
Record transactions for the purchase and sale of inventory.