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Prepare the necessary adjusting entry for inventory

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Reference no: EM131787114

Question - Presented is information related to Rogers Co. for the month of January 2008.

Ending inventory per perpetual records $21,600

Ending inventory actually on hand 21,000

Cost of goods sold 218,000

Freight-out 7,000

Insurance expense 12,000

Rent expense 20,000

Salary Expense 61,000

Sales Discounts 10,000

Sales Returns and Allowances 13,000

Sales 350,000

Instructions

(a) Prepare the necessary adjusting entry for inventory.

(b) Prepare the necessary closing entries.

Reference no: EM131787114

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