Question
During February, Gregs Groceries purchased $50,000 and sold $54,000 of inventory for $75,000. Gregs Groceries had $10,000 worth of inventory on hand on February 28
During February, Gregs Groceries purchased $50,000 and sold $54,000 of inventory for $75,000. Gregs Groceries had $10,000 worth of inventory on hand on February 28th. Complete the T account for Gregs Inventory. How much Revenue does Gregs have? _______________ How much expense? ___________________What is their Gross Margin? _____________ How much inventory did Gregs have on hand on February 1 (beginning of the month)? __________
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Write the journal entry to record Gregs purchases:
Write the journal entry to record Gregs revenue:
Write the journal entry to record Gregs expense (COGS):
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Evaluating The Effectiveness On Internal Audit Departments
Authors: W. Steve Albrecht, Keith R. Howe, Dennis R. Schueler, Kevin D. Stocks
1st Edition
089413177X, 978-0894131776
