Inventory at the beginning of the year cost $13,400. During the year, the company purchased on account) inventory costing $84,000. Inventory that had cost $80,000 was sold on account for $95,000. At the end of the year, inventory was counted and its cost was determined to be $17,400. M6-6 Part c. Prepare journal entries to record these transactions, assuming a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet