Briggs Company purchased $$15,000$ of inventory on credit with credit terms of $\frac{2}{10},\frac{n}{30}.$ Briggs paid for the purchase within the discount period. Prepare the general journal entry for the purchase.

$\backslash$table$[[$Date$,$Description,PR$,$Debit,Credit$],[,,,,],[,,,,],[,,,,],[,,,,]]$

If Briggs Company has a beginning inventory of $$20,000,$ purchases for the period are $$85,000,$ and ending inventory is $$30,000.$

Calculate cost of goods sold for Briggs

If Briggs Sales for the period is $$300,000,$ what is the gross margin?