B) Inventory costing $909,000 was sold on account for $1,490,000. Record the sale.

C) Inventory costing $909,000 was sold on account for $1,490,000. Record the cost of goods sold.

Brief Exercise 8-2 (Algo) Perpetual system; journal entries [LO8-1] A company uses a perpetual inventory system. The company began its fiscal year with inventory of $274,000. Purchases of inventory on account during the year totaled $880,000. Inventory costing $909,000 was sold on account for $1,490,000. Prepare the journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the inventory purchased on account for $880,000. Note: Enter debits before credits