Grouper Ltd. had beginning inventory of 54 units that cost $102 each. During September, the company purchased 208 units on account at $102 each, returned 8 units for credit, and sold 153 units at $201 each on account.

List of accounts:

• Accounts Payable
• Accounts Receivable
• Allowance to Reduce Inventory to NRV
• Biological Assets
• Buildings
• Cash
• Cost of Goods Sold
• Equipment
• Interest Expense
• Interest Income
• Interest Payable
• Interest Receivable
• Inventory
• Inventory Over and Short
• Land
• Liability for Onerous Contracts
• Loss on Inventory Due to Decline in NRV
• Loss on Purchase Contracts
• No Entry
• Purchase Discounts
• Purchase Discounts Lost
• Purchase Returns and Allowances
• Purchases
• Raw Materials
• Realized Gain or Loss
• Rebate Receivable
• Recovery of Loss on Inventory Due to Decline in NRV
• Refund Liability
• Retained Earnings
• Sales Returns and Allowances
• Sales Revenue
• Supplies Expense
• Unrealized Gain or Loss

Assume that Grouper Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 101 units of inventory remaining at September 30. Prepare the adjusting entry that is needed at September 30 to report cost of goods sold. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Sep. 30 O 0 Cost of Goods Sold O Inventory 0 r O