Question #2---Perform-the-steps-in-the-accounting-cycle-for-a-merchandising. company --(6-marks). I Fahar Company has an inventory balance of $ 903,950 on December 31, 2021. 1 During 2022 Fahar-purchased merchandise for $ 97,5001 During 2022 Fahar sold merchandise that had a cost of $ 714,220 1 1 Required: 1 a) - Prepare the adjusting entry assuming the inventory.count on December 31, 2021 revealed a balance of $ 914,450.|| b)- Prepare the adjusting entry assuming the inventory count on December 31, 2022 revealed a balance of $ 292,370. 11