Question

In: Accounting

February 2:                                 KG       &n

February 2:                                 KG             PRICE PER KG         AMOUNT

Purchase of Pistachios:          2500                 $12                     $30,000

Purchase of Almonds:            4000                 $7                       $28,000
Purchas of Peanuts                 6000                 $5                       $30,000

February 3:                               KG             PRICE PER KG         AMOUNT

Purchase of Pistachios:       1500                  $14                     $21,000

Purchase of Almonds:         2000                   $8                      $16,000
Purchas of Peanuts:            2000                   $6                      $12,000

February 6: Sold to several clients:      

                                                   KG              PRICE PER KG         AMOUNT

Pistachios:                            2000                 $22                       $44,000

Almonds:                              2500                 $13                       $32,500

Peanuts:                               3000                  $9                         $27,000

February 6: Sold to Fruits Lovers Inc:

                                           KG               PRICE PER KG       AMOUNT

Pistachios:                      500                 $22                       $11,000

Almonds:                           1000                  $13                         $13,000

Peanuts:                            1500.                 $10                         $15,000

February 12:                     

                                                KG                   PRICE PER KG         AMOUNT

Purchase of Pistachios:     1500                   $16                         $24,000

Purchase of Almonds:       2000                   $10                         $20,000

February 13: Sale of peanuts to peanuts lovers Inc...:

                                         

                                           KG                    PRICE PER KG             AMOUNT

                                          3500                 $10                               $35,000

February 14:  Purchase of Peanuts

                                     

                                         KG                       PRICE PER KG                  AMOUNT

                                        6000                      $6                                     $36,000

February 19:  Sold to several clients:

                                         KG                         PRICE PER KG                AMOUNT

  PISTACHIOS:               1000                        $23                                  $23,000

  Almonds:                     1500                        $15                                  $22,500

  Peanuts:                      3000                        $11                                  $33,000

February 25: Purchased from various suppliers:

                                          KG                     PRICE PER KG                AMOUNT

Pistachios:                      1000                    $15                                $15,000

Almonds:                        1000                    $11                                $11,000

Peanuts:                         1000                     $6                                  $6,000

Besides these transactions, the company has had the following expenses: Salaries: $3650
Electricity bill: $360
Renting of equipment: $950

Rent of warehouse and office: $1.650 Miscellaneous: $1.250

5: Jim would like to know a forecast of the number of days to sell the inventory based on the results of the month of February. Explain your calculation and the steps followed. (10 points: 5 for calculation and 5 for explanation)

6. Jim expects that the prices of the merchandises will dramatically decrease in the next future as a result of the Covid 19 crisis. Which method of valuation of the inventory would you thus recommend to Jim? Explain your answer. (5 points)

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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February 2:                                 KG             PRICE PER KG         AMOUNT Purchase of Pistachios:          2500                 $12                     $30,000 Purchase of Almonds:            4000                 $7                       $28,000 Purchas of Peanuts                 6000                 $5                       $30,000 February 3:                               KG             PRICE PER KG         AMOUNT Purchase of Pistachios:       1500                  $14                     $21,000 Purchase of Almonds:         2000                   $8                      $16,000 Purchas of Peanuts:            2000                   $6                      $12,000 February 6: Sold to several clients:                                                          KG              PRICE PER KG         AMOUNT Pistachios:                            2000                 $22                       $44,000 Almonds:                              2500                 $13                       $32,500 Peanuts:                               3000                  $9                         $27,000 February 6: Sold to Fruits Lovers Inc:                                            KG               PRICE PER KG       AMOUNT Pistachios:                      500                 $22                       $11,000 Almonds:                           1000                  $13                         $13,000 Peanuts:                            1500.                 $10                         $15,000 February 12:                                                                      KG                   PRICE PER KG         AMOUNT Purchase of Pistachios:     1500                   $16                         $24,000 Purchase of Almonds:       2000                   $10                         $20,000 February 13: Sale of peanuts to peanuts lovers Inc...:                                                                                      KG                    PRICE PER KG             AMOUNT                                           3500                 $10                               $35,000 February 14:  Purchase of Peanuts...
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