E5-8B Presented is information related to Garcia Co. for the month of January 201/. Ending inventory per Salaries and wages expense $ 95,000 perpetual records $ 43,400 Sales discounts 15,000 Ending inventory actually Sales returns and allowances 19,000 on hand 42,000 Sales revenue 550,000 Cost of goods sold 332,000 Freight-out 11,000 Insurance expense 18,000 Rent expense 29,000 Instructions (a) Prepare the necessary adjusting entry for inventory. (b) Prepare the necessary closing entries