Cottle Inc. uses the periodic inventory system and has the following selected information available at its 12/31/X5 year-end: Description Amount Inventory at 1/1/X5 $ 20,000 Inventory at 12/31/X5 (per a physical inventory count) 35,000 Purchases 500,000 Purchase returns and allowances 40,000 Purchase discounts 30,000 Freight-in 15,000 Sales returns and allowances 18,000 Sales discounts 5,000 Question: In the year-end journal entry to record cost of goods sold, cost of goods sold should be debited for what amount? Do not use decimals or cents in the numerical response. Answer: $Answer 1 Question 4 460,000