Parco sells all inventories at a gross profit margin of 45%. In 2022, the accounting records showed that ending inventory was $96,800 and gross purchases during the year totaled $280,000, with purchase returns of $11,200, purchase discounts of $5,600 and transportation-in of $11,800. Gross sales for the year were $650,000, and sales returns and allowance 4% of gross sales, which were all returned to inventory for resale. 2. Prepare the 2022 year-end inventory adjusting entries, if Parco uses a periodic inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field for both 2 entries.) View transaction list Journal entry worksheet