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During February, Gregs Groceries purchased $50,000 and sold $54,000 of inventory for $75,000. Gregs Groceries...

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Accounting

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)? __________

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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