Inferring Purchases Using Cost of Goods Sold and Inventory Balances Penno Company repocted ending imventocies of $883,500 and bezinning imventones of 5967,125 . Cost of goods sold totaled 55,354,625 for the year a. Prepare the journal entry to record cost of goods soid b. Post the entry from a. to the inventory T-accourt. Determine the amount of the entry to record purchases and enter it in the T-account. c. Prepare the journal entry to record the purchases: (Assume all inventory purchasos were on account.)