Refer to the data in PE 7-5 through 7-10. Assume the beginning balance in the inventory account was $0 for the periodic inventory system. A physical count of the inventory at the end of the period shows the ending balance of inventory is $24,550. Prepare the necessary entries for a periodic inventory system
(1) To close the temporary accounts to the inventory account and
(2) To adjust the inventory account to the appropriate ending balance.