Askew Company

Askew Company uses a periodic inventory system. The June 30, 2018, year-end trial balance for the company contained the following information: Credit Debit 32,280 382,000 Account Merchandise inventory, 7/1/17 Sales Sales returns Purchases Purchase discounts Purchase returns Freight-in 12,200 242,800 6,200 10,200 17,480 In addition, you determine that the June 30, 2018, inventory balance is $40,200. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2018. Cost of goods sold Required 2 > Journal entry worksheet Record the year-end adjusting entry for cost of goods sold. Note: Enter debits before credits. Date General Journal Debit Credit June 30, 2018 Record entry Clear entry View general journal