Essentials, Inc., a retail company, reported inventories of $$1,050,400$ at the beginning of the year, and $$1,080,200$ at the end of the year. The annual income statement reported cost of goods sold of $$10,300,200.$

a$.$ Compute the amount of inventory purchased during the year. I

b$.$ Record $(1)$ purchases of inventory and $(2)$ cost of goods sold in the financial statement effects template to show the effect of these entries on the balance sheet and income statement. Assume all purchases were

made on account.

Note: Use negative signs with your answers, when appropriate. Select $"$N$/$A$"$ as your answer if a part of the accounting equation is not affected.