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Askew Company uses a periodic inventory system. The June 30, 2011, year-end trial balance for the company contained the following information:
In addition, you determine that the June 30, 2011, inventory balance is $40,000.
Required:
1. Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2011.
2. Prepare the year-end adjusting entry to record cost of goods sold.
FOR WSSI: The highlighted cells are the ones that should be completed. Opening stock, forward requirement and OTB should only be calculated for the first 3 months as indicated by the highlights
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