Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000, with terms 3/10, n/30. On February 10, the company pays on account for the inventory. Record the Inventory purchase on February 2 and the payment on February 10. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Powder Ski Shop reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Ski jackets Ski Quantity Unit Cost NRV 20 $115 95 300 350 - Arendtin inventory