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Prepare the year end adjusting entry to record

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Reference no: EM131000779

Askew Company uses a periodic inventory system. The June 30, 2011, year-end trial balance for the company contained the following information:

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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. 

Reference no: EM131000779

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