Presented is information related to Rogers Co. for the month of January 2010.
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
(a) Prepare the necessary adjusting entry for inventory.
(b) Prepare the necessary closing entries.