Accounting Homework Question?

I have question regarding journalizing closing/adjusting entries. here is the question I am struggling with, inventory count at 12/31/12 shows $57000 of merchandise inventory remaining. Make an adjusting journal entry (AJE) to close purchases, adjust Merchandise Inventory to ending balance, and create a Cost of Goods Sold account. Merchandise Bought during the year = 347990 Merchandise sold during the year = 659700 Beginning merchandise= 60,000 Any help would be appreciated Thank you!