Askew company uses a periodic inventory system.
the june 30, 2018, year-end trial balanc...
Askew company uses a periodic inventory system.
the june 30, 2018, year-end trial balance for the company contained the following information:
account debit credit
merchandise inventory, 7/1/17 32,900
sales 389,000
sales returns 12,900
purchases 249,000
purchase discounts 6, 900
purchase returns 10, 900
freight-in 18,800
in addition, you determine that the june 30, 2018, inventory balance is $40,900
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.
Answers: 2
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