Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $30,000 and then sells this inventory on account on March 17 for $50,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) 1.Record the purchase of inventory on account. 2Record the sale of inventory on account. 3Record the cost of goods sold.