Carrying inventories: Perpetual and periodic methods

The following information comes from the records of Telly”s Supply:

Beginning inventory

$32,000

Inventory purchases

85,000

Transportation-in

4,300

An inventory count taken at year-end indicates that inventory with a cost of $50,000 is on hand as of December 31, 2011.

Assume that inventory purchases and transportation-in are both reflected in the inventory account, which shows an ending balance of $52,000. Compute cost of goods sold along with any adjusting entries required at the end of the period.