Prepare B5.8 (LO 4), AP Presented below is selected information related to Garland Co. for the year ended January 31, 2022. Ending inventory per Insurance expense $ 12,000 perpetual records $ 21,600 Rent expense 20,000 Ending inventory actually Salaries and wages expense 55,000 on hand 21,000 Sales discounts 10,000 Cost of goods sold 218,000 Sales returns and allowances 13,000 Freight-out 7,000 Sales revenue 380,000 Instructions a. Prepare the necessary adjusting entry for inventory b. Prepare the necessary closing entries