Question

Askew Company uses a periodic inventory system. The June 30, 2011, year-end trial balance for the company contained the following information:


In addition, you determine that the June 30, 2011, inventory balance is $40,000.

Required:
1. Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2011.
2. Prepare the year-end adjusting entry to record cost of goodssold.


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  • CreatedJuly 02, 2013
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