Hey can somebody help can anybody kindly give me a push on this one please? Askew Company uses a periodic inventory system. The June 30, 2013, year-end trial balance for the company contained the following information: Account Debit Credit Merchandise inventory, 7/1/12 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, 2013, inventory balance is $40,000.
Required: 1. Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2013. 2. Prepare the year-end adjusting entry to record cost of goods sold. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)