Required information [The following information applies to the questions displayed below.] Inventory at the beginning of the year cost $12,700. During the year, the company purchased (on account) inventory costing $80,500. Inventory that had cost $76,500 was sold on account for $92,200. At the end of the year, inventory was counted and its cost was determined to be $16,700. .. 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 1 Record the inventory purchased of $80,500 on account. > 2 Record the sales revenue of $92,200 on account. 3 Record the cost of goods sold of $76,500. Credit Note : = journal entry has been entered