Athena Corporation uses a periodic inventory system. At the year end of $31$ December $2022,$ the

accounting records include the following information:

Inventory, $31$ December $2021$ $$25,000$

Purchases $$320,000$

Sales $$420,000$

Sales Returns $$20,000$

Required:

A physical inventory taken as at $31$ December $2022$ indicates the inventory costing $$33,000$ remains

in stock. Prepare two closing entries to create the Cost of Goods Sold account and update the

Inventory account.