Gropur ltd. had beginning inventory of 54 units that cost $102 each. During September, company purchase 208 units on account at $102 each, returned 8 units of credits, and sold 153 units at $201 each on account. Assumed that Gropur ltd uses a periodic system and prepares financial statement at the end 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.
