The Following Data Are Available for One Item of Merchandise

question 188

Essay

The following data are available for one item of merchandise sold by Jocque Fabrics, which uses a periodic inventory system. $\begin{array}{rrl}\text { February } & 1 & \text { On hand, } 100 \text { units at } \$ 12 \text { each } \\&8 & \text { Sold, } 60 \text { units for } \$ 30 \text { each } \\& 14 & \text { Purchased, } 30 \text { units at } \$ 13 \text { each } \\&25 & \text { Sold, } 24 \text { units for } \$ 30 \text { each }\end{array}$
-Refer to the information provided for Jocque Fabrics.If the average cost method is used,determine the following amounts:
A)ending inventory on February 28th
B)cost of goods sold for the month of February
C)gross margin for February

• A)ending inventory on February 28th
• B)cost of goods sold for the month of February
• C)gross margin for February

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Definitions:

Steam Eruptions

Volcanic eruptions that occur when ground water is heated by magma, turning into steam and causing a violent expulsion of volcanic material.

Heat Flow

Transfer of thermal energy that results when two adjacent masses have different temperatures, especially from depth to Earth’s surface.

Fractures Rocks

Rocks that have been broken or cracked through various geological processes such as stress, pressure, and chemical reactions.

Seismic Shaking

The vibration of the ground during an earthquake, caused by the passage of seismic waves.