Waterway Company reports the following for the month of June. (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. Oriole Company had the following account balances at year-end: cost of goods sold $93,500; inventory $16,500; operating expenses $31,900; sales revenue $148,500; sales discounts $1,430; and sales returns and allowances $2,860. A physical count of inventory determines that inventory on hand is $15,510. (a) Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Attempts: 2 of 2 used Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manuallv.)