Metricalla, Inc., purchased inventory costing $120,000 and sold 70% of the goods for $165,000. All purchases and
Question:
1. Journalize these transactions for Metricalla, which uses the perpetual inventory system.
2. For these transactions, show what Metricalla will report for inventory, revenues, and expenses on its fnancial statements at the end of the month. Report gross profit on the appropriate statement.
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Related Book For
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
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