Askew Company uses a periodic inventory system. The June 30, 2018, year-end trial balance for the company contained the following information:

In addition, you determine that the June 30, 2018, inventory balance is $40,000.
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.

Transcribed Image Text:

Account Debit 32,000 12,000 Credit Merchandise inventory, 7/1/17 Sales Sales returns Purchases Purchase discounts Purchase returns Freight-in 240,000 6,000 10,000 17,000