The following data pertains to Gold Star Company for the year ended December 31, 2023:

• Sales (25% were cash sales) during the year $1,100,600
• Cost of goods sold during the year 690,300
• Beginning inventory 319,800
• Purchases (10% were cash purchases) during the year 738,200

Required

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