E5-8 Presented below 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 and wages 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.
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