Culver Company had the following account balances at year-end: Cost of Goods Sold $60,170; Inventory $15,920; Operating Expenses $30,010; Sales Revenue $124,320; Sales Discounts $1,210; and Sales Returns and Allowances $1,910. A physical count of inventory determines that merchandise inventory on hand is $12,200.

Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)