PART 3 Our company uses the periodic method of accounting for inventory. . ... . Beginning Inventory ....... Purchases discounts .... Ending inventory ........ Purchases ................... Purchase returns .......... Transportation-in ........ 500,000 30,000 600,000 2,000,000 120,000 5,000 Given the information above, make the journal entry needed at the end of the year to record cost of goods sold and update the inventory account