Problem vill: Continuing with just the FIFO method information from Problem VI, the FIFO method Cost of goods sold and ending inventory amounts are determined to be $44,700 and $6,300, respectively. In a perfect world, a physical count of the ending inventory should show 300 units (2,500 units available less the 2,200 units sold) on hand at a total cost of $6,300. However, in the real world, accounting errors, as well as inventory theft or misappropriation, often occurs. For this reason, companies are required to take a physical inventory count of their inventory and determine its cost using their chosen method. The inventory account balance is adjusted to agree to its physical count since the physical count is more verifiable. Assume the company uses the FIFO method, and at the end of the year, a physical count shows inventory costing $6,000 is on hand. A. What journal entry should the company make to adjust its inventory account to agree to the physical count? Date Account names Debit Credit 12/31/X (Continued on next page)