Askew Company uses a periodic inventory system. The June 30, 2016, year-end trial balance for the company contained the following information:

Account	Debit		Credit
Merchandise inventory, 7/1/15	32,300
Sales			383,000
Sales returns	12,300
Purchases	243,000
Purchase discounts			6,300
Purchase returns			10,300
Freight-in	17,600

In addition, you determine that the June 30, 2016, inventory balance is $40,300.

Required:

1.

Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2016.

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