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question exercise 8 3 determining cost of goods sold periodic inventory system lo8 1 4284991

Question

Exercise 8-3 Determining cost of goods sold; periodic inventory system [LO8-1]

Askew Company uses a periodic inventory system. The June 30, 2016, year-end trial balance for the company contained the following information:

Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2016.

 

 

Prepare the year-end adjusting entry to record cost of goods sold. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)

 

Askew Company uses a periodic inventory system. The June 30, 2016, year-end trial balance for the company contained the following information:

 

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