A company uses a periodic inventory system. The company began its fiscal year with inventory of $278,000. Purchases of inventory on account during the year totaled $900,000, Inventory costing $913,000 was sold on account for $1,530,000. Prepare the journal entries to record these transactions using a periodic inventory system. Note: if no entry is required for a transaction/event, select "No journal entry required" in the first account fleld