Answer:
Cost of Goods Sold $ 248,000
Explanation:
Askew Company
The Cost of Goods Sold Statement
for the year ending June 30, 2021.
Inventory, 7/1/2020 33,500
Add Purchases 255,000
Less Purchase returns 11,500
Less Purchase Discounts 7,500
Net Purchases 269,500
Add Freight In $ 20,000
Cost of goods Purchased 289,500
Less Ending Inventory balance $41,500.
Cost of Goods Sold $ 248,000
Working
Askew Company
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
Inventory balance 6/30/2021 $41,500.
