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Inventory at the beginning of the year cost $13,200. During the year, the company purchased (on account) inventory costing $83,000. Inventory that had cost $79,000 was sold on account for $94,200. At the end of the year, inventory was counted and its cost was determined to be $17,200.

3. Prepare journal entries to record these transactions, assuming a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)