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Required 1 Inventory Required 1 GJ Required 2 Inventory Required 2 G Required 3 Inventory Required 3 G Required 4 Inventory Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $624,600. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 624,600 Inventory cost 543,000 Gain on sale $ 81,600 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances $ 76,500 Allocation of gains (losses) Capital balances after gains (losses) $ 76,500 COGLEY $ 172,125 MEI 133,875 Total 382,500 $ $ $ 172, 125 $ 133,875 $ 382,500 Journal entry worksheet Record the sale of inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) Record entry Clear entry View general journal Journal entry worksheet