prepare the necessary adjusting entry for inventory 581647

Presented is information related to Rogers Co. for the month of January 2011.

Ending inventory per

Insurance expense

$ 12,000

perpetual records

$ 21,600

Rent expense

20,000

Ending inventory actually

Salary expense

61,000

on hand

21,000

Sales discounts

10,000

Cost of goods sold

218,000

Sales returns and allowances

13,000

Freight out

7,000

Sales

350,000

Instructions

(a) Prepare the necessary adjusting entry for inventory.

(b) Prepare the necessary closing entries.