ES-8 Presented below is information related to Hoerl Co. for the month of January 2017. Prepare adjusting and closing 12,000 entries. 20,000 (LO 4) 55,000 10,000 13,000 Ending inventory per Insurance expense perpetual records Ending inventory actually 21,600 Ren expense on hand Cost of goods sold Freight-out 21,000 218,000 Salaries and wages expense Sales discounts Sales returns and allowances 7,000 Sales revenue 380,000 Instructions (a) Prepare the necessary adjusting entry for inventory. (b) Prepare the necessary closing entries.