Exercise $6-6($Algo$)$ Maintain inventory records using a perpetual inventory system $($LO$6-5)$

Bingerton Industries began the year with inventory of $$75,000.$ Purchases of inventory on account during the year totaled $$300,000.$ Inventory costing $$325,000$ was sold on account for $$500,000.$

Required:

Determine the financial statement effects of the purchase of inventory on account and the sale of inventory on account using a perpetual system.

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Determine the financial statement effects of the sale of inventory on account using a perpetual system.

Note: Amounts to be deducted should be indicated with a minus sign.

Sale