Business, 15.04.2020 02:31 markthecow
Askew Company uses a periodic inventory system. The June 30, 2021, year-end trial balance for Askew company contained the following information:
Account Debit Credit
Inventory, 7/1/2020 32,000
Sales revenue 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, 2021, inventory balance is $40,000.
Required:
Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021.
Answers: 1
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Askew Company uses a periodic inventory system. The June 30, 2021, year-end trial balance for Askew...
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