Business, 24.06.2021 20:00 chrisraptorofficial

Askew Company uses a periodic inventory system. The June 30, 2018, year-end trial balance for the company contained the following information: Account Debit Credit Merchandise inventory, 7/1/17 33,000 Sales 390,000 Sales returns 13,000 Purchases 250,000 Purchase discounts 7,000 Purchase returns 11,000 Freight-in 19,000 In addition, you determine that the June 30, 2018, inventory balance is $41,000. Required: 1. Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2018. 2. Prepare the year-end adjusting entry to record cost of goods sold.

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Answer from: kingoftime

Askew Company

1. Cost of goods sold $243,000

2. Adjusting Journal Entries:

Debit Cost of Goods Sold $243,000

Debit Purchases discounts $7,000

Credit Freight-in $19,000

Credit Inventory $231,000

To record the cost of goods sold.

Explanation:

a) Data and Calculations:

Account Debit Credit

Merchandise inventory, 7/1/17 33,000

Sales 390,000

Sales returns 13,000

Purchases 250,000

Purchase discounts 7,000

Purchase returns 11,000

Freight-in 19,000

Merchandise inventory, 7/1/17 $33,000

Purchases 250,000

Purchase discounts (7,000)

Purchase returns (11,000)

Freight-in 19,000

Cost of goods available for sale $284,000

June 30, 2018, inventory balance $41,000

Cost of goods sold $243,000

Adjusting Entry:

Debit Cost of Goods Sold $243,000

Debit Purchases discounts $7,000

Credit Freight-in $19,000

Credit Inventory $231,000

To record the cost of goods sold.

Answer from: Quest

88 because 4 plus 4 equals 8. 40 plus 40 equals 80. 80 plus 8 equals 88

Answer from: Quest

$527.7.if the following was the question $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?

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Askew Company uses a periodic inventory system. The June 30, 2018, year-end trial balance for the co...