Exercise 8-3 (Static) Determining cost of goods sold [LO8-1] The June 30, 2021, year-end trial balance for Askew company contained the following information: Debit 32,000 Credit 380,000 Account Inventory, 7/1/2020 Sales revenue Sales returns Purchases Purchase discounts Purchase returns Freight-in 12,000 240,000 6,000 10,000 17,000 In addition, you determine that the June 30, 2021, inventory balance is $40,000. Required: Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021. Cost of goods sold