Question 3 of 6 View Policies Show Attempt History > Current Attempt in Progress 0.06/0.17 E At the beginning of the year, Novak Shipping Ltd., a company that has a perpetual inventory system, had $57,200 of inventory During the year, inventory costing $228,800 was purchased. Of this, $26.800 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $2.760. The cost of goods sold during the year was $227,200. (a) (b) Your Answer Correct Answer (Used) Determine the balance in the Inventory account at the end of the year. Balance in the inventory account $ 24.660 Your answer is partially correct.i Prepare the adjusting entry that would be required if the inventory count determined that Novak Shipping had inventory with a cost of $22,400 at the end of the year. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts) Account Titles and Explanation Cost of Goods Sold Inventory Debit Credit 227200 227200