d) Ending Inventory. A physical inventory was taken 1/1/23, before business began for the new year. The December 31, 2022 ending inventory as counted and priced by Warens employees is $202,920.00 (merchandise on hand cost).

For an illustration of procedures used to record cost of goods sold and adjust the inventory balance for the year-end physical count.

Balances in General Ledger accounts are:

INVENTORY $101,681.00,

PURCHASES $1,137,130.00,

PURCHASES RETURNS AND ALLOWANCES $-19,445.00,

PURCHASES DISCOUNTS TAKEN, $-16,773.90

FREIGHT-IN $24,897.84

Please help to calculate COST OF GOODS SOLD? What entries should I do for the year end procedures?