A physical inventory taken at year end indicated that there was $125,000 on hand. The Estimated Returns Inventory is $8,200. Depreciation for the year is $24,500. On December 31, the close of the fiscal year, the balances of selected accounts appearing in the ledger of Broxton Gallery, an art retailer, are as follows:
Prepare the December 31 closing entries for Broxton Gallery. 
Definitions:
Production Cost
The total expense incurred in manufacturing a product, including raw materials, labor, and overheads.
Postponement
A strategy in supply chain management that delays the final production or distribution of a product until customer orders are received to reduce inventory costs.
Higher
A term generally used to indicate a greater amount, level, or degree of something.
Associated Cost
Refers to the total expenses directly linked to a specific activity, product, or service.
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