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Chrome File Edit View History Bookmarks People Window Help ィ令8496T- E Tue 12:31:48 AM Nupur Kaur Q。Ξ ●●● N Netflix × Forum: Yc × Pinterest × Peoria Emx @ Spinbot.c ‘. Cengage × Cengage. x D Chapter 8 x M lectures. rx ← C仓ⓘezto.mheducation.com/hm.tpx ::: Apps。 Non Stop Bhangr N Netflix O Learn Kirtan : Deh s 凹online books M, Course: F1 7 Planeta..むCengageNowy2 | A…。(1) Old Bollywood s ·Facebook × Divyjot Other Bookmarks Question 2 (of 14) Save & Exit | | Submit 2. value 10.00 points Askew Company uses a periodic inventory system. The June 30, 2016, year-end trial balance for the company contained the following information Account Merchandise inventory, 7/1/15 Sales Sales returns Debit Credit 33,800 13,800 398,000 258,000 Purchase discounts Purchase returns Freight-in 7,800 11,800 20,600 In addition, you determine that the June 30, 2016, inventory balance is $41,800. Required 1. Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2016. of goods sold 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 38
Expert Answer
| Cost of goods Sold | Beginning Inventory + Cost of goods Purchase or manufacture – Ending Inventory | |
| Cost of Goods Sold | 33800+258000-7800-11800+20600-41800 | |
| Cost of Goods Sold | $251,000 | |
| Debit | Credit | |
| Cost of goods Sold | $251,000 | |
| Inventory A/C (41800-33800) | $8,000 | |
| Purchase A/C (258000-7800-11800) | $238,400 | |
| Fireght Inward | $20,600 |
