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The following data pertain to StarFish Corp. for the year ended December 31, 2023: Beginning inventory $188,200 Purchases on credit during the year 400,500 Cost

The following data pertain to StarFish Corp. for the year ended December 31, 2023: 
Beginning inventory $188,200 
Purchases on credit during the year 400,500 
Cost of goods sold during the year 500,600 
Sales (70% on credit) during the year 755,400 

Required 
Prepare entries to record the purchase of inventory, cost of goods sold, and sales during 2023 using the perpetual inventory system. 
Compute the balance in the inventory account on December 31, 2023.


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