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Matakuliah
Tahun
: V0232 – Akuntansi Keuangan Hotel
: 2009
EXERCISES
Week 8
9-7 Abbott’s Liquor Store uses a perpertual inventory system. Data for the
Chardonnay include the following purchase:
Date
May 7
July 28
Number of Bottles
50
30
Texas
Units Price
$ 10
13
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.
Date
Sept. 1
Sept. 12
Sept. 19
Sept. 26
Explanation
Inventory
Purchases
Purchases
Purchases
Bottles
26
45
20
50
Unit Cost
$ 97
102
104
105
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
month of May, in which 70 units were sold.
May 1
15
24
Inventory
Purchase
Purchase
UNITS
30
25
35
90
UNIT COST
$8
11
12
following for the
TOTAL COST
$240
275
420
$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.