CB Corporation had beginning inventory for the year of $40,000, purchased inventory during the year in the amount of $180,000, and sold $200,000 of inventory during the year. If CB Corporation uses the periodic inventory system which of the following journal entries is required at the end of the year to update the inventory account? Cost of Goods Sold Inventory O Inventory $20,000 Cost of Goods Sold $20,000 Purchases $180,000 Cost of Goods Sold O Inventory $40,000 Cost of Goods Sold None of the above. $20,000 $20,000 $180,000 $40,000

CB Corporation had beginning inventory for the year of $40,000, purchased inventory during the year in the amount of $180,000, and sold $200,000 of inventory during the year. If CB Corporation uses the periodic inventory system which of the following journal entries is required at the end of the year to update the inventory account? \begin{tabular}{|l} Cost of Goods Sold $20,000 \\ Inventory \\ Inventory $20,000 \\ Cost of Goods Sold $20,000 \\ Purchases $180,000 \\ Cost of Goods Sold $180,000 \\ Inventory $40,000 \\ Cost of Goods Sold $40,000 \end{tabular} None of the above