(Answered) Askew company uses a periodic inventory system the june 30

Accounting

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

204_254-B-A-V-I (695).png

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 goods sold.

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