Need help about ENDING INVENTORY

[Guitaristshobi]

When we make chart of Accounts we select INVENTORY for our Stock in trade ( Opening ) in chart of Accounts right

I`d like to ask when making ENDING OR CLOSING INVENTORY`S ledger in Chart of Accounts what should i select ? and when i make Ending inventory`s general entry its :

Stock in trade DR
Purchases Cr

but it dsn`t show any Closing inventory in Income statement since i dont know how to make the Ledger and please correct me if i m making wrong entry?

i want Peachtree to show Opening inventory then purchases = Available then - Ending = Cost of goods sold in income statement

I am a student not a professional yet
Please help me


Thanks

Shobi