Presented below is selected information related to Metlock, Inc. for the year ended January 31, 2022.Ending inventory per Insurance expense $ 11,150 perpetual records $ 31,180 Rent expense 21,280Ending inventory actually Salaries and wages expense 55,630 on hand 30,480 Sales discounts 11,090Cost of goods sold 218,770 Sales returns and allowances 15,740Freight-out 7,290 Sales revenue 404,680 Prepare the necessary adjusting entry for inventory.

Given, Ending inventory per perpetual records = $31,180 Ending inventory actuall on hand = $30,480

Answered: Presented below is selected information…

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14: Adjustments For A Merchandising Business

Section: Chapter Questions

Problem 3MC: Under the periodic inventory system, what account is debited when an estimate is made for the cost...

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Presented below is selected information related to Metlock, Inc. for the year ended January 31, 2022.

Ending inventory per		Insurance expense	$ 11,150
perpetual records	$ 31,180	Rent expense	21,280
Ending inventory actually		Salaries and wages expense	55,630
on hand	30,480	Sales discounts	11,090
Cost of goods sold	218,770	Sales returns and allowances	15,740
Freight-out	7,290	Sales revenue	404,680