Select Apparel purchased 90 new shirts and recorded a total cost of $2,644 determined as follows: Required: Prepare the journal entry to record this purchase in the correct amount, assuming a perpetual inventory system. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Journal entry worksheet Record the cost of the purchase, assuming a perpetual inventory system. Notes Enter debits before credits Wood Company had the following inventory items on hand at the end of the year. Computing the lower of cost or net realizable value on an item-by-item basis, determine what amount would be reported on the balance sheet for inventory