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Calculate the cost of goods sold for the askew company

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Question - The June 30, 2021, year-end trial balance for Askew company contained the following information:

Account

Debit

Credit

Inventory, 7/1/2020

33,600

 

Sales revenue

 

396,000

Sales returns

13,600

 

Purchases

256,000

 

Purchase discounts

 

7,600

Purchase returns

 

11,600

Freight-in

20,200

 

In addition, you determine that the June 30, 2021, inventory balance is $41,600.

Required - Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021.

Reference no: EM132837936

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