IIL. Use the information below to prepare closing entries Sales Revenue: $420,000; Sales Returns \& Allowances: 575,000 ; Sales Discount: $42,000; Cost of Goods Sold \$160,000; Salary Expense: S48,000; Rent Expense: \$17.000; Advertising Expense: S5000, Depreciation Expense: $8,000; Dividends. $12.000 Accounting 2101 Chapter 6: Inventories Assignment 1 I. Find Cost of Goods Sold and Ending Inventory using FIFO Jan. 1 Balance: 600@$4.25 each 3 Purchased 150 units @ $4.50 each 4 Sold 725 units for $8.90 each 6. Purchased 425 units @ \$4.65 each 10 Sold 125 units for $8.90 each 12 Purchased 500 units @ \$4.75 each 15 Sold 300 units for $9.00 each 20 Purchased 400 units @ \$4.85 each 23 sold 550 units for $9.00 each