E5.8 (LO 4) Presented below is information related to Poulsen Industries for the month of January 2020. 21,600 Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue 12,000 20,000 59,000 8,000 13,000 378,000 21,000 208,000 7,000 Instructions a. Prepare the necessary adjusting entry for inventory. b. Prepare the necessary closing entries