Amanda Corporation purchased inventory costing $180,000 and sold 80% of the goods for $224,000. All purchases and sales were on account. Amanda later collected 20% of the accounts receivable. Assume that sales returns are nonexistent. Read the requirements 1. Journalize these transactions for Amanda, which uses the perpetual inventory system. Journalize the purchase of inventory. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Accounts Debit Credit 1. Journalize these transactions for Amanda, which uses the perpetual inventory system. 2. For these transactions, show what Amanda will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement