Askew Company uses a periodic inventory system. The June 30, 2018, year-end trial balance for the company contained the following information: Credit Debit 32,500 385,000 Account Merchandise inventory, 7/1/17 Sales Sales returns Purchases Purchase discounts Purchase returns Freight-in 12,500 245,000 6,500 10,5ee 18,000 In addition, you determine that the June 30, 2018, inventory balance is $40,500, 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