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.