Siatkowski Industries began the year with inventory of $88,000. Purchases of inventory on account during the year totaled $313,000. Inventory costing $338,000 was sold on account for $526,000.

Required: Record transactions for the purchase and the sale of inventory on account using a perpetual system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1)Record the purchase of inventory

2)Record the sale of inventory

3) Record cost of inventory sold