Question 1 The following data pertains to Stainless Steel Enterprises for the year ended December 31, 2020. Beginning Inventory $188,200 Purchases on credit during the year $400,500 Cost of goods sold during the year $500,600 Sales (70% on credit) during the year $755,400 Required:

1. Prepare journal entries to record the purchase of inventory, cost of goods sold, and sales during 2020 using the perpetual inventory system

2. Compute the balance in the inventory account on December 31, 2020.