At the beginning of the year, Whispering Winds Shipping Ltd., a company that has a perpetual inventory system, had $64,900 of inventory. During the year, inventory costing $259,600 was purchased. Of this, $30,300 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $3,110. The cost of goods sold during the year was $258,000. Determine the balance in the Inventory account at the end of the year. Balance in the inventory account $ Prepare the adjusting entry that would be required if the inventory count determined that Whispering Winds Shipping had inventory with a cost of $25,200 at the end of the year. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Beginning Inventory Debit 64900 Credit