Marcy, Inc. purchased inventory costing $160,000 and sold 80% of the goods for $188,000. All purchas

Marcy, Inc. purchased inventory costing $160,000 and sold 80% of the goods for $188,000. All purchases and sales were on account. Marcy later collected 30% of the accounts receivable. 1. 2. Journalize these transactions for Marcy, which uses the perpetual inventory system. For these transactions, show what Marcy will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement 1. Journalize these transactions for Marcy, which uses the perpetual inventory system. Journalize the purchase of inventory. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Accounts Credit Debit 160.000 Inventory Accounts Payable 160,000 Journalize the sale Journal Accounts Debit Credit