Creative Awnings had the following sales and purchase transactions during 2013. Beginning inventory consisted of 50 items
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Required
a. Record the inventory transactions in general journal format.
b. Calculate the gross margin Creative Awnings would report on the 2013 income statement.
c. Determine the ending inventory balance Creative Awnings would report on the December 31, 2013, balancesheet.
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Creative Awnings Sales and Purchase Transactions for 2013 Date Sales Purchases Cost of Goods Sold In...View the full answer
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Related Book For 
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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