Bingerton Industries began the year with Inventory of $82,000. Purchases of Inventory on account during the year totaled $307,000. Inventory costing $332,000 was sold on account for $514,000. Required: Determine the financial statement effects of the purchase of Inventory on account and the sale of Inventory on account using a perpetual system. Complete this question by entering your answers in the tabs below. Purchase Sale Determine the financial statement effects of the purchase of inventory on account using a perpetual system. Note: Amounts to be deducted should be indicated with a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Common Stock Retained Earnings Revenues < Purchase Sale > Income Statement Net Expenses Income