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Prepare the necessary adjusting entry for inventory

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Reference no: EM131162604

Presented below is information related to Taylor Co. for the month of January 2014.

Ending inventory per

Insurance expense

$ 12,470

   perpetual records

$ 27,720

Rent expense

22,140

Ending inventory actually

Salaries and wages expense

55,610

   on hand

27,130

Sales discounts

10,220

Cost of goods sold

210,070

Sales returns and allowances

14,490

Freight-out

7,380

Sales revenue

414,950

(a) Prepare the necessary adjusting entry for inventory. 

(b) Prepare the necessary closing entries.

Reference no: EM131162604

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