Required information Problem 8-1 (Algo) Various inventory transactions; journal entries [LO8-1, 8-2, 8-3] [The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $32,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $47,500 on October 12. Terms of the purchase were 1/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped fo.b. shipping point and freight charges of $670 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12 . c. During October inventory costing $20,550 was sold on account for $31,400. d. It was determined that inventory on hand at the end of October cost $59,145. Problem 8-1 (Algo) Part 1 Required: 1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field