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	33,500
Sales			395,000
Sales returns	13,500
Purchases	255,000
Purchase discounts			7,500
Purchase returns			11,500
Freight-in	20,000

In addition, you determine that the June 30, 2018, inventory balance is $41,500. 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.