Pams Creations had the following sales and purchase transactions during 2016. Beginning inventory consisted of 60 items
Question:
Required
a. Record the inventory transactions in general journal format.
b. Calculate the gross margin Pams Creations would report on the 2016 income statement.
c. Determine the ending inventory balance Pams Creations would report on the December 31, 2016, balance sheet.
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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Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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