Presented below is information related to Sheffield Corp. for the month of January 2020. $ 12,970 $ 29,890 23,830 Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Fright-out Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances 58.220 29.090 12.410 212.430 14,670 7.730 Sales revenue 403,350 Part 1 Prepare the necessary adjusting entry for inventory. (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.) Account Titles and Explanation Debit Credit e Textbook and Media