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Category > Accounting Posted 18 Aug 2017 My Price 9.00

Askew Company

Exercise 8-3 Determining cost of goods sold; periodic inventory system [LO8-1]

Askew Company uses a periodic inventory system. The June 30, 2016, year-end trial balance for the company contained the following information:
  Account Debit Credit
  Merchandise inventory, 7/1/15 32,000      
  Sales     380,000  
  Sales returns 12,000      
  Purchases 240,000      
  Purchase discounts     6,000  
  Purchase returns     10,000  
  Freight-in 17,000      
 
In addition, you determine that the June 30, 2016, inventory balance is $40,000.
Required:
1.

Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2016.
   

      

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.)

 

Answers

Maurice Tutor
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Status NEW Posted 18 Aug 2017 04:08 PM My Price 9.00

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