Inventory at the beginning of the year cost $13,900. During the year, the company purchased (on account) inventory costing $86,500. Inventory that had cost $82,500 was sold on account for $97,000. At the end of the year, inventory was counted and its cost was determined to be $17,900 M6-6 Part c 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 Record the inventory purchased of $86,500 on account Nnte: Fnter debits before credits