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ure https//newconnect.mheducation.com/flow/connect.htm ard?MySam?SiriusXM Streaming F ? Cengage * Bank of America-B.? Connect GoToMyPC: My Com Sirius XM ter 8 Homework 0 Saved Askew Company uses a periodic inventory system Ihe June 30, 2016, year-end trial balance for the company contained the following information: Debit Credit Merchandise inventory 33.700 Sales Sales returns Purchases Purchase discounts Purchase returns Freight-in 397000 13,700 257000 7700 11.700 eBook 20,400 In addition, you determine that the June 30, 2016, inventory balance is $41,700 Required: ferences 1. Calculate the cost of goods sold for the Askew Company for the year ending June 30 2016 5 250,000 2. Prepare the year-end adjusting entry to record cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View jourmal entry worksheet General Journal /1 June 30, 2016 Cost of goods sold Inventory (ending) 250,000 41,700 33,700 258,000 Purchases

Explanation / Answer

1) Cost of goods sold = 250000

2) Journal entry :

Date accounts & explanation debit credit Cost of goods sold 250000 Inventory (ending) 41700       Inventory (beginning) 33700      Purchase 258000

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