Exercise 8-3 (Algo) Determining cost of goods sold [LO8-1] The June 30, 2021, year-end trial balance for Askew company contained the following information: Account Debit Credit Inventory, 7/1/2020 33,500 Sales revenue 395,000 Sales returns 13,500 Purchases 255,000 Purchase discounts 7,500 Purchase returns 11,500 Freight-in 20,000 In addition, you determine that the June 30, 2021, inventory balance is $41,500. Required: Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021.
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Home » Business » Exercise 8-3 (Algo) Determining cost of goods sold [LO8-1] The June 30, 2021, year-end trial balance for Askew company contained the following information: Account Debit Credit Inventory, 7/1/2020 33,500 Sales revenue 395,000 Sales returns 13,500