Required information [The following information applies to the questions displayed below.] Inventory at the beginning of the year cost $13,600. During the year, the company purchased (on account) inventory costing $85,000. Inventory that had cost $81,000 was sold on account for $95,800. At the end of the year, inventory was counted and its cost was determined to be $17,600. 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 3 Record the inventory purchased of $85,000 on account. Note: Enter debits before credits