Bingerton industries uses a perpetual inventory system. the company began the year with inventory of $93,000. purchases of inventory on account during the year totaled $318,000. inventory costing $343,000 was sold on account for $536,000. record transactions for the purchase and sale of inventory.

Explanation:

The journal entries are shown below:

1. Merchandise Inventory A/c $318,000

         To Accounts payable A/c $318,000

(Being the inventory is purchased on credit)

2. Accounts receivable A/c Dr $536,000

                    To Sales revenue A/c $536,000

(Being inventory is sold on credit)

3. Cost of goods sold A/c Dr $343,000

           To Merchandise inventory A/c $343,000

(Being inventory is sold at cost)

you don't if you paid you paid. it's like if i bought a computer and used it then i say idon't want it anymore so im gonna return it. you can't. unlkess you have your reciept

answer; /// i believe the correct answer is first in, first out(fifo); //