1A company has the following data related to an item of inventory:

Inventory, March 1 200 units @ $2.10

Purchase, March 7 700 units @ $2.20

Sold, March 10 (sales price $5.00/each) 300 units

Purchase, March 16 140 units @ $2.25

Sold, March 20 (sales price $5.20/each) 250 units

Assume the company uses the LIFO cost flow method to allocate their inventory. The company uses the perpetual system.

Record the balance in the Inventory account on March 1 and label it BAL

Prepare the journal entries, in T-account format, to recognize the purchase and sale transactions.