Beginning inventory for the period was $100,000. Purchases for the period totaled $550,000 and sales were $1,000,000. A physical count of ending inventory revealed inventory of $130,000.
(1) Compute cost of goods sold assuming that a periodic system is used and
(2) Make the journal entry to record inventory shrinkage assuming that a perpetual system is used and cost of goods sold according to the system was $460,000.