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Inferring Purchases Using Cost of Goods Sold and Inventory Balances

Penno Company reported ending inventories of $$883,500$ and beginning inventories of $$967,125.$ Cost of goods sold totaled $$5,354,625$ for the year.

a$.$Prepare the journal entry to record cost of goods sold.

$\backslash$table$[[$Account$,$Debit,Credit$],[$Accounts receivable,$5,354,625,$A$],[$Cost of goods sold,$0,5,354,625$