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Question - Presented below is information related to Headland Corporation for the month of January 2017.
Cost of goods sold $222,140
Salaries and wages expense $58,680
Delivery expense 6,740
Sales discounts 7,790
Insurance expense 11,820
Sales returns and allowances 13,410
Rent expense 19,400
Sales revenue 359,700
Prepare the necessary closing entries.
After meeting with the visitors from Corporate HQ, Bawcombe spoke to you, his operations managers, "They want to close the plant," he said grimly. "They expect costs to decrease considerably if we manufacture in China through a Scotts subsidiary."
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