Solution-Prepare the necessary adjusting entry for inventory

Prepare the necessary adjusting entry for inventory

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Reference no: EM131162604

Presented below is information related to Taylor Co. for the month of January 2014.

Ending inventory per		Insurance expense	$ 12,470
perpetual records	$ 27,720	Rent expense	22,140
Ending inventory actually		Salaries and wages expense	55,610
on hand	27,130	Sales discounts	10,220
Cost of goods sold	210,070	Sales returns and allowances	14,490
Freight-out	7,380	Sales revenue	414,950

(a) Prepare the necessary adjusting entry for inventory.

(b) Prepare the necessary closing entries.

Reference no: EM131162604

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Prepare the necessary adjusting entry for inventory

Reference no: EM131162604

Reference no: EM131162604

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