EXERCISESWeek 8

Matakuliah : V0232 – Akuntansi Keuangan HotelTahun : 2009

DateMay 7July 28

Number of Bottles 5030

Units Price$ 10 13

9-7 Abbott’s Liquor Store uses a perpertual inventory system. Data for the Texas Chardonnay include the following purchase:

On June 1 , Abbott’s sold 30 bottles , and on August 27, 35 more bottles. Preparing the perpetual inventory calculations for the above transaction using (a) FIFO, (b) LIFO, (c) average cost

9-8 On May 31, Stuart Dining has net sales of $330,000 and cost of goods available for sales of $230,000. Compute the estimated cost of the ending inventory, assuming the gross profit is 40 %

9-9 Sherpers carries a special French wine that is popular with enthusiasts. Below is information relating to Sherper’s purchase of this wine during September. During the same month, 124 bottles were sold. Sherpers uses a periodic inventory system.

DateSept. 1Sept. 12Sept. 19Sept. 26

ExplanationInventoryPurchasesPurchasesPurchases

Bottles 26452050

Unit Cost$ 97102104105

Total Cost$ 2,522 4,590 2,080 5,250

Instructions:

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

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

9-10 Zambia Pastry uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold.

May 1 15 24

InventoryPurchasePurchase

UNITS30253590

UNIT COST$81112

TOTAL COST$240275420

$935

Instructions:

Compute the ending inventory at May 31 using the FIFO and the LIFO methods. Prove the amounth allocated to cost of goods sold under each method.