The Wine Hut of Napa Valley, provided you with the following inventory record showingthe inventory details during the month of March 2022 for a private reserve Francis FordCoppola Merlot Wine:Inventory,Purchases:Inventory Detail - Coppola MerlotFor Month of March 2022March 1March 12March 23Bottles540110200Bottle Cost$20.0021.0022.00A physical inventory on March 31st indicates there are 450 units on hand.Calculate the value of ending inventory as of March 31st and the cost of goods sold forthe month of March assuming the company uses the LIFO inventory system.Important: You must show your detailed calculations, do NOT just provide an answer.

LIFO method is one of the methods of inventory valuation in which it is assumed that recent or new…

Answered: The Wine Hut of Napa Valley, provided…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following data represent the inventory figures for 55-gallon fish tanks at an aquarium. *Chart Attached* (D): Calculate the value of the 88 tanks by using LIFO (in $). $__________ (E): Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent). $___________
Dorothy's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Dorothy's purchases of Xpert snowboards during September is shown below. During the same month, 126 Xpert snowboards were sold. Dorothy's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Inventory Purchases (b) Purchases Purchases Totals Units Unit Cost 29 Cost of goods sold 45 20 Your Answer Correct Answer (Used) 50 e Textbook and Media 144 $95 102 104 105 The ending inventory at September 30 $ Total Cost $ $ 2,755 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 4,590 2,080 5,250 $14,675 FIFO The sum of ending inventory and cost of goods sold $ 1,890 12,785 For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. $ FIFO $ LIFO 1.710 12.965 LIFO
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Required information [The following information applies to the questions displayed below.] Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2021. Cost per Unit Date Transactions Units Total Cost Beginning inventory Purchase $ 28 $1,036 January 1 April 14 August 22 October 29 37 2,040 3,776 2,822 68 30 Purchase Purchase 118 32 83 34 306 $9,674 Jan. 1-Dec. 31 Sales ($48 each) 272 Sylvester uses a periodic inventory system and believes there are 34 birds remaining in ending inventory. However, Sylvester neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 24 birds in ending inventory. Sylvester is not aware of the lost canaries 3. What effect will the inventory error have on and (d) net income (ignoring…
hich of the following is leakages from the circular flow in a closed economy? a. household saving and government spending b. government spending and business investment c. household saving and net taxes d. household saving and business investment
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
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Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@ $25.00 cost 20 units@ $31.00 cost 15 units @ $33.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
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The following data represent the inventory figures for 55-gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory Amount January 1 Beginning Inventory 48 units @ $38.00 March 12 Purchase 90 units @ $36.50 July 19 Purchase 135 units @ $39.70 September 2 Purchase 85 units @ $41.75 Fish Tanks Available for Sale: Cost of Tanks Available for Sale: (a) How many fish tanks did the aquarium have available for sale? fish tanks (b) Calculate the total cost (in $) of the tanks available for sale. $ (c) If physical inventory on December 31 showed 88 tanks on hand, calculate their dollar value by using FIFO. $ (d) Calculate the value of the 88 tanks by using LIFO (in $). $ (e) Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent). $

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