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Bingerton Industries began the year with inventory of $85,000. Purchases of inventory on account during the year totaled $310,000. Inventory costing $335,000 was sold on

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Bingerton Industries began the year with inventory of $85,000. Purchases of inventory on account during the year totaled $310,000. Inventory costing $335,000 was sold on account for $520,000. Required: Record transactions for the purchase and sale of inventory using a perpetual system

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