The June 30, 2021, year-end trial balance for Askew company contained the following information:
Account Debit Credit
Inventory, 7/1/2020 32,600
Sales revenue 386,000
Sales returns 12,600
Purchases 246,000
Purchase discounts 6,600
Purchase returns 10,600
Freight-in 18,200
In addition, you determine that the June 30, 2021, inventory balance is $40,600.
Required:
a. Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2011
b. Prepare the year-end adjusting entry to record cost of goods sold.
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