Harvest, Inc., a retail company, reported inventories of $1,020,240 at the beginning of the year, and $1,050,480 at the end of the year. The annual income statement reported cost of goods sold of $8,760,240. a. Compute the amount of inventory purchased during the year. \$ a. Prepare journal entries to record (1) inventory purchases and (2) cost of goods sold. Assume all purchases were made on account