Business, 28.01.2020 06:31 Anabel818

Askew company uses a periodic inventory system.

the june 30, 2018, year-end trial balance for the company contained the following information:

account debit credit
merchandise inventory, 7/1/17 32,900
sales 389,000
sales returns 12,900
purchases 249,000
purchase discounts 6, 900
purchase returns 10, 900
freight-in 18,800
in addition, you determine that the june 30, 2018, inventory balance is $40,900

required:

1. calculate the cost of goods sold for the askew company for the year ending june 30, 2018.

2. prepare the year-end adjusting entry to record cost of goods sold.

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Askew company uses a periodic inventory system.

the june 30, 2018, year-end trial balanc...

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