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Question: A new restaurant purchased the following wine during the first month of operations:

March 2: Purchased 12 each 750 ml bottles of M & B wine @ $12.50 each.

March 16: Purchased 24 each 750 ml bottles of M & B wine @ $13.50 each.

March 31: Sold 32 bottles during March @ $26 each.

Determine the value of the ending inventory and cost of sales for M & B for March using the following: a. First-in, first-out method

b. Last-in, first-out method

c. Weighted average method

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92308050

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