Question: LO8-1 BE 8-2 Perpetual system: journal entries LOB-1 A company uses a perpetual inventory system. The company began its fiscal year with inventory of

LO8-1 BE 8-2 Perpetual system: journal entries LOB-1 A company uses a perpetual inventory system. The company began its fiscal year with inventory of $267,000. Purchases of inventory on account during the year totaled $845,000. Inventory costing $902,000 was sold on account for $1,420,000. Prepare the journal entries to record these transactions. carindia

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