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:

Cash Flow from Assets

The total amount of money being transferred in and out of a business, especially from operational, investing, and financing activities.

Dividends Paid

The portion of a company’s earnings distributed to its shareholders, usually in the form of cash or additional shares.

Financial Leverage

The use of borrowed capital (debt) to increase the potential return of an investment.

Capital Structure

The blend of loans and shareholder capital utilized by a corporation to support its operational activities and development.