Additionally, get to post the all purchases for the period by simply (and of course after you must have created the cost of sales via the chart of account) raise journal by Debit Purchases amount and Credit Cost of goods sold. Then you should have your Gross profit. That will automatically reduce the inventory in the balance sheet
Hope this help. It is important to note, the accounts are usual prepared at the end of 12 calender month but you track your progress daily/monthly.