Solved

Jocque Fabrics
the Following Data Are Available for One Item

Question 169

Essay

Jocque Fabrics
The following data are available for one item of merchandise sold by Jocque Fabrics,which uses a periodic inventory system.
 February 1 On hand, 100 units at $12 each 8 Sold, 60 units for $30 each 14 Purchased, 30 units at $13 each 25 Sold, 24 units for $30 each \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 LIFO 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?

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q8: Accountants define the market value of inventory

Q92: If cost of goods sold does not

Q149: When a company using LIFO experiences a

Q164: Which inventory cost flow method assigns the

Q168: Which inventory costing method results in the

Q170: A manufacturing company reported total inventory of

Q174: Klump Co. Klump Co.uses a perpetual inventory

Q176: The inventory account a manufacturer uses to

Q216: Noland, Inc. uses the LIFO method of

Q221: If ending inventory is understated, then cost