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 $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. M6-6 Part c 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.) Journal entry worksheet