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

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 %

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?

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.