The Wine Hut of Napa Valley, provided you with the following inventory record showing the inventory details during the month of March 2022 for a private reserve Francis Ford Coppola Merlot Wine: Inventory Detail - Coppola Merlot For Month of March 2022 Bottles 540 110 200 Inventory, March 1 Purchases: March 12 March 23 Bottle Cost $20.00 21.00 22.00 A 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 for the month of March assuming the company uses the LIFO inventory system. Important: You must show your detailed calculations, do NOT just provide an answer.
The Wine Hut of Napa Valley, provided you with the following inventory record showing the inventory details during the month of March 2022 for a private reserve Francis Ford Coppola Merlot Wine: Inventory Detail - Coppola Merlot For Month of March 2022 Bottles 540 110 200 Inventory, March 1 Purchases: March 12 March 23 Bottle Cost $20.00 21.00 22.00 A 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 for the month of March assuming the company uses the LIFO inventory system. Important: You must show your detailed calculations, do NOT just provide an answer.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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![The Wine Hut of Napa Valley, provided you with the following inventory record showing
the inventory details during the month of March 2022 for a private reserve Francis Ford
Coppola Merlot Wine:
Inventory,
Purchases:
Inventory Detail - Coppola Merlot
For Month of March 2022
March 1
March 12
March 23
Bottles
540
110
200
Bottle Cost
$20.00
21.00
22.00
A 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 for
the month of March assuming the company uses the LIFO inventory system.
Important: You must show your detailed calculations, do NOT just provide an answer.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb36b02c8-75e7-4ebe-94bb-bb470e00476e%2F09ecbceb-42a1-491d-97f6-f8b1f83d5f55%2Fnqsxpc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The Wine Hut of Napa Valley, provided you with the following inventory record showing
the inventory details during the month of March 2022 for a private reserve Francis Ford
Coppola Merlot Wine:
Inventory,
Purchases:
Inventory Detail - Coppola Merlot
For Month of March 2022
March 1
March 12
March 23
Bottles
540
110
200
Bottle Cost
$20.00
21.00
22.00
A 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 for
the month of March assuming the company uses the LIFO inventory system.
Important: You must show your detailed calculations, do NOT just provide an answer.
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