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Prepare the necessary adjusting entry for inventory

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Reference no: EM131790010

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

Ending inventory per perpetual records

$21,595

Ending inventory actually on hand

20,811

Cost of goods sold

215,522

Freight out

6,920

Insurance expense

11,638

Rent expense

19,474

Salary Expense

60,280

Sales Discounts

10,035

Sales Returns and Allowances

13,185

Sales

350,390

Instructions -

(a) Prepare the necessary adjusting entry for inventory.

(b) Prepare the necessary closing entries.

Reference no: EM131790010

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