End‐of‐period adjustments  LO5 An extract from Gosford Ltd’s unadjusted trial balance as at 30 June 2020 appears below. Gosford Ltd’s reporting period ends on 30 June and it uses the perpetual method to record inventories transactions. $ $ Inventories 194 400 Sales 631 770 Sales returns 6 410 Cost of sales 468 640 Inventories losses 12 678 Additional information • On 24 June 2020, Gosford Ltd recorded a $1320 credit sale of goods costing $1200. These goods, which were sold on FOB destination terms and were in transit at 30 June 2020, were included in the physical count. • Inventories on hand at 30 June 2020 (determined via physical count) had a cost of $195 600 and a net realisable value of $194 740. Required 1. Prepare any adjusting journal entries required on 30 June 2020. 2. Prepare the trading section of the statement of profit or loss and other comprehensive income for the year ended 30 June 2020.