A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 2021, for $56,000 and then sells this inventory on account on March 7, 2021, for $79,000. Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Journal entry worksheet Journal entry worksheet 2 1 1 2 3 1 Record the sale of inventory on account. Record the cost of inventory sold. Record the purchase of inventory on account. Note: Enter debits before credits. Note: Enter debits before credits. Note: Enter debits before credits. General J General Journa Date Date Date General Journal Mar 07, 2021 Mar 07, 2021 Feb 09, 2021 w w 3

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Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.