The June 30, 2021, year-end trial balance for Askew company contained the following information: Account Debit Credit Inventory, 7/1/2020 32,500 Sales revenue 385,000 Sales returns 12,500 Purchases 245,000 Purchase discounts 6,500 Purchase returns 10,500 Freight-in 18,000

In addition, you determine that the June 30, 2021, inventory balance is $40,500.

Required:

1. Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021.
2. Prepare the year-end adjusting entry to record cost of goods sold.