Jocque Fabrics
the Following Data Are Available for One Item

question 178

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 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:

Financial Statements

Compiled financial data reports that reflect a company's financial condition, performance, and cash flow, including balance sheet, income statement, and statement of cash flows.

Retained Earnings

The cumulative amount of net income earned by a company that is kept or retained within the company for future use, rather than being paid out as dividends.

Total Assets

The sum of all assets owned by a company, including both current and non-current assets, as represented on the balance sheet.

Appropriation

The process of setting aside funds for a specific use or purpose by a company, organization, or government.