As of December 31,2000, Deer Company had the following account balances Adjusting Inventory and Closing Entries (Periodic Method) $\begin{array}{ll}\text { Inventory (beginning). . . . . . . . . . } & \$ 120,000 \\ \text { Purchases . . . . . . . . . . . . . . . } & 220,000 \\ & 4,000\end{array}$

A physical count of inventory on December 31,2000 , showed $\$ 92,000$ of ending inventory. Prepare the closing entries that are needed to adjust the inventory records and close the related purchases accounts, assuming that the periodic inventory method is used.