Analyze and record transactions for merchandise purchases using a perpetual system. After completing the module related to this procedural objective, you should be able to analyze and record transactions for merchandise purchases using a perpetual system. Assume that $1,200 of merchandise is purchased for cash on November 2, and the buyer uses a perpetual inventory system. The cost of the merchandise purchased for resale is recorded in Merchandise Inventory, an asset account. The amount recorded for merchandise inventory includes its purchase cost, any shipping fees owed, taxes required, and any other costs necessary to prepare the merchandise for sale. Complete the following journal entry. Nov. 2 Merchandise Inventory 1,200 blank Cash blank 1,200