Question
Jocque FabricsThe following data are available for one item of merchandise sold by Jocque Fabrics, which uses a periodic inventory system. February 1On hand, 100
Jocque FabricsThe following data are available for one item of merchandise sold by Jocque Fabrics, which uses a periodic inventory system.
February
1On hand, 100 units at $12 each
8Sold, 60 units for $30 each
14Purchased, 30 units at $13 each
25Sold, 24 units for $30 each
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?
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?
Refer to the information provided for Jocque Fabrics. If the Weighted 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?
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1st Edition
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