Presented below is selected information related to Monty Corp. for the year ended January 31, 2022. $11,650 $25,100 21,740 58,420 Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out Insurance expenses Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue 24,500 11,130 222,060 15,000 6,760 419.730 (a) Your answer is correct 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.) Debit Credit Account Titles and Explanation Cost of Goods Sold 500 (a) Your answer is correct. 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 Cost of Goods Sold 600 Inventory 600 eTextbook and Media List of Accounts Attempts: unlimited Prepare the necessary 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 "o for the amounts.) Account Titles and Explanation Debit Credit (To close accounts with credit balances) | (To cose accounts with credit balances) 1 (To close accounts with debit balances) (To close net income / (loss))