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

---

Definitions:

Executive Branch

The branch of government responsible for enacting and enforcing laws, typically headed by the president or prime minister.

Federal Trade Commission

A U.S. federal agency with the mission to protect consumers and promote competition by preventing anticompetitive, deceptive, and unfair business practices.

Washington, District of Columbia

The capital of the United States, a federal district that houses the federal government's three branches and numerous national monuments and museums.

Trade Regulation Rules

Guidelines and laws that govern business practices and competition, aimed at ensuring fair competition and protecting consumers.