Required information M6-6 Preparing Journal Entries for Inventory Purchases and Sales in a Perpetual System (LO 6-3, LO 6-4, LO 6-6) (The following information applies to the questions displayed below.) Inventory at the beginning of the year cost $13,400. During the year, the company purchased on account) Inventory costing $84,000. Inventory that had cost $80,000 was sold on account for $95,000. At the end of the year. Inventory was counted and its cost was determined to be $17.400. M6-6 Part c. 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.) View transaction list Journal entry worksheet 1 2 3 Record the cost of goods sold of $80,000