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Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Purchases Invoices Inventory, Inventory Count, Model 1st 2nd 3rd January 1 December 31 A10 4 at $ 38 4 at $ 41 4 at $ 44 5 B15 8 at $ 82 4 at 73 3 at 79 6 at 86 7 E60 3 at 72 3 at 62 15 at 65 9 at 67 5 G83 7 at 240 6 at 248 5 at 258 10 at 257 9 J34 12 at 68 10 at 70 16 at 77 16 at 78 13 M90 2 at 115 2 at 117 3 at 135 3 at 137 Q70 5 at 160 4 at 170 4 at 175 7 at 180 58 Required: 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the units PURCHASED MOST RECENTLY first. Dymac Appliances Cost of the Inventory-FIFO Method Model Quantity A10 A10 1 B15 6 B15 1 E60 5 G83 9 J34 13 M90 3 December 31 Unit Cost 44 +A Total Cost 2. Determine the cost of the inventory on December 31 by the last-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the OLDEST units first. Dymac Appliances Cost of the Inventory-LIFO Method Model Quantity A10 A10 1 B15 7 E60 E60 G83 G83 J34 J34 M90 M90 2 M90 Q70 Q70 Total December 31 Unit Cost Total Cost 3. Determine the cost of the inventory on December 31 by the weighted average cost method. Dymac Appliances Cost of the Inventory-Weighted Average Method December 31 Model Quantity Unit Cost Total Cost A10

Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Purchases Invoices Inventory, Inventory Count, Model 1st 2nd 3rd January 1 December 31 A10 4 at $ 38 4 at $ 41 4 at $ 44 5 B15 8 at $ 82 4 at 73 3 at 79 6 at 86 7 E60 3 at 72 3 at 62 15 at 65 9 at 67 5 G83 7 at 240 6 at 248 5 at 258 10 at 257 9 J34 12 at 68 10 at 70 16 at 77 16 at 78 13 M90 2 at 115 2 at 117 3 at 135 3 at 137 Q70 5 at 160 4 at 170 4 at 175 7 at 180 58 Required: 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the units PURCHASED MOST RECENTLY first. Dymac Appliances Cost of the Inventory-FIFO Method Model Quantity A10 A10 1 B15 6 B15 1 E60 5 G83 9 J34 13 M90 3 December 31 Unit Cost 44 +A Total Cost 2. Determine the cost of the inventory on December 31 by the last-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the OLDEST units first. Dymac Appliances Cost of the Inventory-LIFO Method Model Quantity A10 A10 1 B15 7 E60 E60 G83 G83 J34 J34 M90 M90 2 M90 Q70 Q70 Total December 31 Unit Cost Total Cost 3. Determine the cost of the inventory on December 31 by the weighted average cost method. Dymac Appliances Cost of the Inventory-Weighted Average Method December 31 Model Quantity Unit Cost Total Cost A10

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Purchases Invoices Inventory, Inventory Count, Model 1st 2nd 3rd January 1 December 31 A10 4 at $ 38 4 at $ 41 4 at $ 44 5 B15 8 at $ 82 4 at 73 3 at 79 6 at 86 7 E60 3 at 72 3 at 62 15 at 65 9 at 67 5 G83 7 at 240 6 at 248 5 at 258 10 at 257 9 J34 12 at 68 10 at 70 16 at 77 16 at 78 13 M90 2 at 115 2 at 117 3 at 135 3 at 137 Q70 5 at 160 4 at 170 4 at 175 7 at 180 58 Required: 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the units PURCHASED MOST RECENTLY first. Dymac Appliances Cost of the Inventory-FIFO Method Model Quantity A10 A10 1 B15 6 B15 1 E60 5 G83 9 J34 13 M90 3 December 31 Unit Cost 44 +A Total Cost
Transcribed Image Text:Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Purchases Invoices Inventory, Inventory Count, Model 1st 2nd 3rd January 1 December 31 A10 4 at $ 38 4 at $ 41 4 at $ 44 5 B15 8 at $ 82 4 at 73 3 at 79 6 at 86 7 E60 3 at 72 3 at 62 15 at 65 9 at 67 5 G83 7 at 240 6 at 248 5 at 258 10 at 257 9 J34 12 at 68 10 at 70 16 at 77 16 at 78 13 M90 2 at 115 2 at 117 3 at 135 3 at 137 Q70 5 at 160 4 at 170 4 at 175 7 at 180 58 Required: 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the units PURCHASED MOST RECENTLY first. Dymac Appliances Cost of the Inventory-FIFO Method Model Quantity A10 A10 1 B15 6 B15 1 E60 5 G83 9 J34 13 M90 3 December 31 Unit Cost 44 +A Total Cost
2. Determine the cost of the inventory on December 31 by the last-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the OLDEST units first. Dymac Appliances Cost of the Inventory-LIFO Method Model Quantity A10 A10 1 B15 7 E60 E60 G83 G83 J34 J34 M90 M90 2 M90 Q70 Q70 Total December 31 Unit Cost Total Cost 3. Determine the cost of the inventory on December 31 by the weighted average cost method. Dymac Appliances Cost of the Inventory-Weighted Average Method December 31 Model Quantity Unit Cost Total Cost A10
Transcribed Image Text:2. Determine the cost of the inventory on December 31 by the last-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the OLDEST units first. Dymac Appliances Cost of the Inventory-LIFO Method Model Quantity A10 A10 1 B15 7 E60 E60 G83 G83 J34 J34 M90 M90 2 M90 Q70 Q70 Total December 31 Unit Cost Total Cost 3. Determine the cost of the inventory on December 31 by the weighted average cost method. Dymac Appliances Cost of the Inventory-Weighted Average Method December 31 Model Quantity Unit Cost Total Cost A10
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