Presented below is information related to Hoerl Co. for the month of January 2017.

Ending inventory per				Insurance expense		$ 12,640
perpetual records		$ 22,020		Rent expense		24,340
Ending inventory actually				Salaries and wages expense		56,340
on hand		21,520		Sales discounts		11,090
Cost of goods sold		219,930		Sales returns and allowances		14,910
Freight-out		7,470		Sales revenue		409,960

a)Prepare the necessary adjusting entry for inventory.

b)Prepare the necessary closing entries.