Prepare journal entries to record the following merchandising transactions of Bradford Company, Inc., which uses the gross method of accounting for purchases and uses a perpetual inventory system. 
Definitions:
Inverse Demand Function
Expresses the price of a good or service as a function of the quantity demanded, illustrating how price varies with changes in demand.
Unit Tax
A fixed amount of tax imposed on a product or service, regardless of its price.
Total Costs
The combined amount of all the costs associated with the production of goods or services, including both fixed and variable costs.
Output
The quantity of products or services produced by a company, a sector, or an economy within a specified period.
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