(1) Required information Part 1 of 2 Problem 8-1 (Algo) Various inventory transactions; journal entries [LO8-1, 8-2, 8-3] [The following information applies to the questions displayod bolow] Autumn Comparny began the month of October with irventory of $30,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $44,500 on October 12 . Terms of the purchase were 2//10, 1//30 Autumn uses the net method to record purchases. The inventory was shipped fo.b. shipping point and freight charges of $650 were paid in cash. b. On October 31, Autumn paikd for the inventory purchased on October 12. c. During October inventory costing $20,250 was sold on account for $3,000. d. It was determined that inventory on hand at the end of October cost $54,010. 1. Assuming Autum Company uses a perpetual inventory system, prepare journal entries for the above transactions.