Presented below is selected information related to Blossom Company for the year ended January 31, 2022. 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. (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.) 1 Account Titles and Explanation Debit