At the end of the year, Tunnel Mountain Resorts Ltd., a company that has a periodic inventory system, had the following account balances on its unadjusted trial balance: Inventory $75,000, Purchases $388,000, Purchase Discounts $6,000, Freight In $12,000. The inventory count at the end of the year determined that the inventory on hand at that time cost $68,000. Record the adjusting journal entry that would be made at the end of the year to update the Inventory and Cost of Goods Sold accounts.