Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone check my work The Wine Guy of Napa Valley inventory records show the following data for the month of March for a private

can someone check my work
image text in transcribed
image text in transcribed
The Wine Guy of Napa Valley inventory records show the following data for the month of March for a private reserve Coppola Merlot Wine: Inventory, March 1 Purchases: March 12 March 23 Units 760 120 290 Unit Cost $20.00 21.00 22.00 A physical inventory on March 31st shows 450 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory system. Ending Inventory Lifo: Under Lifo, the units at the start will stay. This means that the $450 units, at last, will be $450 units at the rate of $20 as of March 1st. So, $450 x $20.00 = $9000 Total Purchased ($120 x $21.00) + ($290 x $22.00) $2520 + $6380 - $8900 Cost of good sold: $760 x 20.00-$15200 $15200+$8900-99000-$15100

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Portfolio Of Marketing Audits Company Self Assessment Audits

Authors: David Crosby

1st Edition

1902433157, 978-1902433158

More Books

Students also viewed these Accounting questions

Question

What are the main objectives of Inventory ?

Answered: 1 week ago

Question

Explain the various inventory management techniques in detail.

Answered: 1 week ago