2. EXERCISES Week 8 Matakuliah : V0232 – Akuntansi Keuangan Hotel
Tahun : 2009
EXERCISES Week 8

3. 9-7. Abbott’s Liquor Store uses a perpertual inventory system
9-7 Abbott’s Liquor Store uses a perpertual inventory system. Data for the Texas Chardonnay include the following purchase:
Date
May 7
July 28
Number of Bottles 50 30
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 %

4. 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
Bottles 26 45 20 50
Unit Cost
$ 97
102
104
105
Total Cost
$ 2,522
4,590
2,080
5,250
Instructions:
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.
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?

5. 9-10 Zambia Pastry uses a periodic inventory system
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
Inventory
Purchase
UNITS 30 25 35 90
UNIT COST $8 11 12
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.