Selected accounts balance from the 12/31/2010 unadjusted trial balance of the Jay Company are listed below: Debit Credit Inventory (01/01/x8) $25,000 Purchases 50,000 Purchase Returns and Allowance 5,000 Freight-In 700 Rent Expenses 3,000 General & administrative expenses 4,000 Sales 140,000 Dividends distributed 2,500 In addition, the following information is available: The inventory value at 12/31/2010 is $12,000. Required: Using general journal format, prepare the appropriate inventory related adjusting entries to reflect the cost of goods sold