Using the data given in Exercise 26.1, prepare the general journal entry to record adjustments for inventory accounts.

In Exercise 1

                                                                             Dr.                  Cr.

Finished Goods Inventory..........................$ 70,000.........$72,000

Work in Process Inventory...........................85,000...........90,000

Raw Materials Inventory..............................45,000...........48,000

Materials Purchases....................................795,000...................

Purchases Returns and Allowances....................................7,900

Freight In (on Materials Purchases)..........30,000...................