M6-6 (Algo) Preparing Journal Entries for Inventory Purchases and Sales in a Perpetual System [LO 6-3, LO 6-4, LO 6-6] Skip to question [The following information applies to the questions displayed below.] Inventory at the beginning of the year cost $13,500. During the year, the company purchased (on account) inventory costing $84,500. Inventory that had cost $80,500 was sold on account for $95,400. At the end of the year, inventory was counted and its cost was determined to be