The following informaiton comes from the records of Telly’s Supply:

Beginning inventory…………...$32,000

Inventory purchases.……………85,000

Transportation-in……………….…4,300

An inventory count taken at year-end indicates that inventory with a cost of $50,000 is on hand as of December 31, 2011.

Assume that inventory purchases and transportation-in are both reflected in the inventory account, which shown an ending balance of $52,000. Compute cost of goods sold along with any adjusting entires requried at the end fo the period.