Jocque Fabrics
the Following Data Are Available for One Item

question 176

Essay

Jocque Fabrics
The following data are available for one item of merchandise sold by Jocque Fabrics,which uses a periodic inventory system.
$\begin{array}{lll}\text { February } & 1 & \text { On hand, } 100 \text { units at } \$ 12 \text { each } \\&8 & \text { Sold, } 60 \text { units for } \$ 30 \text { each } \\&14 & \text { Purchased, 30 units at } \$ 13 \text { each } \\&25& \text { Sold, } 24 \text { units for } \$ 30 \text { each }\end{array}$ Refer to the information provided for Jocque Fabrics.If the company uses the FIFO method,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:

Profits and Losses

The financial gains or losses resulting from business operations after accounting for revenues and expenses.

Capital Account Balances

The amounts recorded in the equity section of a company's balance sheet that represent the owners' stakes.

Partnership Loan

A loan taken by a partnership, which is a business entity where two or more individuals operate for the common goal of making profit.

Liquidation Expenses

Costs associated with the liquidation process, including legal, accounting, and selling expenses necessary to convert assets into cash.