) Presented below is information related to Chesterton Corp for the year ended

December 31, 2019.

Purchases	$200,000
Purchase discounts	3,000
Purchase returns & allowances	6,000
Sales revenue	312,000
Sales discounts	8,000
Sales returns & allowances	13,000
Freight-in	10,000
Freight-out	5,000
Inventory, January 1, 2019	42,000
Inventory, Dec. 31, 2019	63,000

Instructions:

Prepare a partial income statement through gross profit, including a detailed cost of goods sold section assuming that Chesterton uses a periodic inventory system.

Record the entry adjust inventory and close the temporary cost of goods sold accounts.

Date		Debit	Credit