Bristols Bicycles maintains inventory records under the perpetual inventory system. At 30 June 2019, the inventory balance determined by the system showed a value of $300 000. However, on conducting a physical stocktake, ending inventory was calculated as being only $260 000. An investigation revealed that the difference was due to two factors:

1. bicycle theft, amounting to $32 000 

2. destruction of parts on bicycles exhibited in the shop, $8000.

Bicycle sales for the year amounted to $1 000 000, purchases were $560 000, and the balance of inventory on hand at the beginning of the year was $220 000.

Required

Prepare the Cost of Sales and Inventory Control ledger accounts for the year ended 30 June 2019.