Western company begins the year with $50,000 of inventory on hand. during 2018, western purchases additional inventory for $100,000 cash. sales for the year, all on account, totaled $70,000. a physical count determined the cost of inventory at the end of the year to be $110,000. assuming western uses a periodic inventory system, the journal entry at the end of the year once the physical count occurs includes which of the following:
credit purchases $100,000
debit cost of goods sold $40,000
debit inventory (ending) $110,000
credit inventory (beginning) $50,000