Askew Company uses a periodic inventory system. The June 30,2018, year-end trial balance for the company contained the followi information Debit Credit 32, 400 Account Merchandise inventory, 7/1/17 Sales Sales returns Purchases Purchase discounts Purchase returns Freight-in 384 , 000 12,400 244, 000 6, 400 10, 400 17,800 In addition, you determine that the June 30, 2018, inventory balance is $40,400 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