Answer to Question #273879 in Economics for poodie

Question

In the month of March 2021, The TAMCC’s Restaurant inventory card for M&B Wine – 750ml showed the following entries:

 

    April 30: Balance of 5- 750ml bottles of M&B wine @ $10.00 each.

    March 2: Purchased 12- 750ml bottles of M&B wine @ $12.00 each.

    March 8: Sold 10- 750ml bottles of M&B wine.

    March 12: Sold 5- 750ml bottles of M&B wine.

    March16: Purchased 24- 750ml bottles of M&B wine @ $13.00 each.

    March 25: Sold 10- 750ml bottles of M&B wine.

    March 30: Sold 5- 750 ml bottles of M&B wine.

    

i)                  Determine the quantity and value of the ending inventory and cost of sales for the month of March using the various inventory methods.

 

ii)               Assume that each M&B wine 750ml bottle is sold for $26.

 Calculate the total sales & profit for each method used in (i) above.

 

iii)            Prepare a summary table and describe the table.

Which method would you recommend and why.

 

 

Answer 1

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