Please I need help with the question below, thanks! Askew Company uses a periodi
ID: 2355766 • Letter: P
Question
Please I need help with the question below, thanks! Askew Company uses a periodic inventory system. The June 30, 2011, year-end trial balance for the company contained the following information: Account Debit Credit Merchandise inventory, 7/1/10 32,000 Sales 380,000 Sales returns 12,000 Purchases 240,000 Purchase discounts 6,000 Purchase returns 10,000 Freight-in 17,000 In addition, you determine that the June 30, 2011, inventory balance $40,000. 1. Calculate the cost of goods sold for the Askew Company for year ending June 30, 2011. 2. Prepare the year-end adjusting entry to record cost of goods sold.Explanation / Answer
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