Exercise 5-7 (Part Level Submission) Concord Corporation had the following account balances at year-end: Cost of Goods Sold $60,550; Inventory $17,870 Operating Expenses $30,210; Sales Revenue $121,250; Sales Discounts $1,410; and Sales Returns and Allowances $1,880. A physical count of inventory determines that merchandise inventory on hand is $12,990. Your answer is correct. Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically indented when 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.) Acceunt Titles and Esplanatien Debit Credit Cost of Goods Sold 4,880 Inventory Click if you would like to Show Work for this question: Open Show Work Attempts: 2 of 2 used Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Acceunt Titles and Esplanatien Debit Credit (To close accounts with credit balances) (To close accounts with debit balances) To close net income /(loss