Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select NA l a nt Dented in the first account field.) Shankar Company uses a perpetual system to record inventory transactions. The company purchases Inventory on account on February 2 for $40,000. In addition to the cost of inventory, the company also pays $600 for freight charges assoclated with the purchase on the same day Record the purchase of Inventory on February 2, including the freight charges. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)