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Recording Journal Entries for Purchases and Sales Using a Perpetual Inventory System [LO 7-2, LO 7-5] Inventory at the beginning of the year cost $14,000. During the year, the company purchased (on account) inventory costing $87,000. Inventory that had cost $83,000 was sold on account for $97,400. At the end of the year, inventory was counted and its cost was determined to be $18,000. Calculate the cost of goods sold. What was the dollar amount of Gross Profit? 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.)