Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 05 Aug 2017 My Price 7.00

wine enthusiasts

Sharpers carry a special French wine that is popular with wine enthusiasts. Below is information relating to Sharper’s purchases of this wine during September? During the same month, 124 bottles were sold. A sharper uses a periodic inventory system.

 

Date

Explanation

Bottle

Unit cost

Total Cost

Sept. 1

Inventory

26

$ 97

$ 2,522

Sept. 12

Purchases

45

102

4,590

Sept. 19

Purchases

20

104

2,080

Sept. 26

Purchases

50

105

5,250

 

Totals

141

 

$14,442

Instructions

(a) Compute the ending inventory at September 30 using the FIFO and the LIFO methods. Prove the amount allocated to cost of goods sold under each method.

(b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. What do you notice about the answers you found for each method?

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Aug 2017 12:08 AM My Price 7.00

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