Presented below are selected account balances for Nash Co. as of December 31, 2020. Inventory 12/31/20 $61,090 Cost of Goods Sold $229,771
Common Stock 74,650 Selling Expenses 15,967
Retained Earnings 45,220 Administrative Expenses 37,979
Dividends 18,288 Income Tax Expense 29,920
Sales Returns and Allowances 12,148 Sales Discounts 14,780
Sales Revenue 416,110

Required:
Prepare closing entries for Nash Co. on December 31, 2020.

Steele bicycle manufacturing company currently produces the handlebars used in manufacturing its bicycles, which are high-quality racing bikes with limited sales. steele produces and sells only 10,000 bikes each year. due to the low volume of activity, steele is unable to obtain the economies of scale that larger producers achieve. for example, steele could buy the handlebars for $31 each: they cost $34 each to make. the following is a detailed breakdown of current production costs: after seeing these figures, steele's president remarked that it would be foolish for the company to continue to produce the handlebars at $34 each when it can buy them for $31 each. calculate the total relevant cost. do you agree with the president's conclusion?

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