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Q1) Stan's Wholesale purchases canned tomatoes from canneries and sells them to retail markets. In August 2009, Stan's inventory records illustrated the following:

        Cases Price
Aug 1 Beginning inventory ..................................   4,100  $ 10.50
  4 Purchase ..................................   1,500  $ 11.00
  9 Sale ..................................   950  $ 19.95
  13 Purchase ..................................   1,000  $ 11.00
  19 Sale ..................................   1,450  $ 19.95
  26 Purchase ..................................   1,700  $ 11.50
  30 Sale ..................................   1,900  $ 19.95

Even though it needs more computational effort, Stan's uses perpetual inventory method because management feels that advantage of always having present knowledge of inventory levels justifies the extra cost.

problems:

Compute cost of goods sold and ending inventory using following cost flow alternatives. (Compute unit costs to the nearest cent.)

1) FIFO
2) LIFO
3) Average Cost

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919818

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