Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

La Boca Restaurant made the following purchases of chardonnay wine: # of Cases Price / case Total Cost Beginning Inventory Jan1: 20 $ 60.00 $

La Boca Restaurant made the following purchases of chardonnay wine:

# of Cases Price / case Total Cost
Beginning Inventory Jan1: 20 $ 60.00 $ 1,200.00
10-Mar 25 $ 61.00 $ 1,525.00
20-Jun 30 $ 63.00 $ 1,890.00
29-Aug 27 $ 64.00 $ 1,728.00
10-Oct 35 $ 67.00 $ 2,345.00
1-Dec 20 $ 68.00 $ 1,360.00
Available for sale 157 $ 10,048.00

On December 31, La Boca had an inventory of 25 cases of chardonnay wine.

REQUIRED

Calculate the value of the ending inventory of 25 cases under weighted average, LJFO, and FIFO.

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

Auditing Information Systems

Authors: Mario Piattini

1st Edition

1878289756, 9781878289759

More Books

Students also viewed these Accounting questions