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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Mario's Nursery uses a perpetual inventory system. At December 31, the perpetual inventory records indicate the following quantities of a particular blue spruce tree: Quantity Unit Cost Total Cost First purchase (oldest) 130 $25.00 $3,250 Second purchase... 120 28.50 3,420 Third purchase.. 100 39.00 3,900 Total ........ 350 $10,570 A year-end physical inventory, however, shows only 310 of these trees on hand. In its financial statements, Mario's values its inventories at the lower-of-cost-or-market. At year-end, the per-unit replacement cost of this tree is $40. (Use $3,500 as the "level of materiality" in deciding whether to debit losses to Cost of Goods Sold or to a separate loss account.) Instructions Prepare the journal entries required to adjust the inventory records at year-end, assuming that: a. Mario's uses: 1. Average cost. 2. Last-in, first-out. b. Mario's uses the first-in, first-out method. However, the replacement cost of the trees at year- end is $20 apiece, rather than…
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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…
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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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