Bingerton Industries uses a perpetual inventory system. The company began the year with inventory of $85,000. Purchases

Question:

Bingerton Industries uses a perpetual inventory system. The company began the year with inventory of $85,000. Purchases of inventory on account during the year totaled $310,000. Inventory costing $335,000 was sold on account for $520,000.

Required:
Record transactions for the purchase and sale of inventory.