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Question - Pronghorn Company had the following account balances at year-end: Cost of Goods Sold $64,120; Inventory $14,320; Operating Expenses $30,950; Sales Revenue $124,720; Sales Discounts $1,250; and Sales Returns and Allowances $2,110. A physical count of inventory determines that merchandise inventory on hand is $12,470.
Required - Make the adjusting entry necessary as a result of the physical count with the information above.
selected data concerning operations of cascade manaufacturing company for the past fiscal year followraw materials
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