Penno Company reported ending inventories of $23,560,000 in 2017 and $25,790,000 in 2016. Cost of goods sold totaled $142,790,000 in 2017.

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c. Using the T-account from b, determine the amount of inventory that was purchased in 2017. Prepare ajournal entry to record those purchases. Assume the inventory was purchased using cash. Description Debit Credit 0 O O 0 o O