The following transactions occurred during January, the first month of operations for Red Corporation. Prepare journal entries and create a T-account for inventory that includes the following five transactions. When inventory is sold, it should be expensed to a Cost of Goods Sold expense account.

1. Purchased \(\$ 1,100\) of inventory on account.

2. Purchased \(\$ 1,800\) of inventory on account.

3. Sold inventory with an original cost of \(\$ 450\).

4. Purchased \(\$ 1,100\) of inventory on account.

5. Sold inventory with an original cost of \(\$ 1,750\).