Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $279,000. Purchases of merchandise on account during the year totaled $905,000. Merchandise costing $914,000 was sold on account for $1,540,000, Prepare the journal entries to record these transactions. (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 Merchandise costing $914,000 was sold on account for $1,540,000. Record the cost of goods sold. Note: Enter debits before credits General Journal Debit Credit Transaction 3