Number BE 8-2 Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $267,000 Purchases of merchandise on account during the year totaled $845,000. Merchandise costing $902,000 was sold on account for $1,420,000. Prepare the journal entries to record these transactions. 2 & 3 6 * O 9 0 E . Y P H J K K L