Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $267,000.

 Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $267,000. Purchases of merchandise on account during the year totaled $845,000. Merchandise costing $902,000 was sold on account for $1,420,000.
 
Prepare the journal entries to record these transactions.

 

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