ACME Distribution, Inc. December 31,2016 Adjusting Entries Continued 3) The company takes a physieal inventory count at the end of the year and adjusts thelir inventory and cost of gsods general ledger. The information below ine purchases of inventory during the month. between the inventory value determined from the actual count compared to the value of units includes the number eounted in inventory at the end of the year and the ld in the company's inventory at 1231/2016 based on a count of the inventory was 17.640 unis A listing of purchases during the month of December are as follows: Unit Cost Total Cost Date 15,000 December 14,2016 December 21,2016 6,500 $ 7,500 $ 3.75 S56250 4.00 26,000 4.50 S 33,750 The company uses FIFO to account for its inventory cost What is the cost of the company's ending inventaay ( answer to nearest dollar and show your calculation below for full credit)? The balance in inventory per the unadjusted trial balance before making any adjustments is $78,000 What is the amount of the December 31 adjustment to inventory cost (show your calculation below for full credit)? Complete below the adjusting journal entry necessary for inventory Account description Debit Credit Post the above entry to the trial balance in the adjustment columns