Note:-• Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.• Answer completely.• You will get up vote for sure. 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 asfollows:Inventory,Model January 1A10B15E60G83334M90Q708 at $943 at 657 at 23212 at 542 at 1095 at 151PurchasesInvoices 1st4 at $ 294 at 853at 556 at 24010 at 562 at 1114 at 161PurchasesInvoices 2nd4 at $323 at 9115 at 585 at 25016 at 633 at 1294 at 166PurchasesInvoices 3rd4 at $356 at 989 at 6010 at 24916 at 643 at 1317 at 171Inventory Count,December 3157591358Required: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 acquiredat a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enterthe units PURCHASED MOST RECENTLY first.

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Description: Note:-• Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.• Answer completely.• You will get up vote for sure. Dymac Appliances uses the periodic inventory system. Details regarding the invento

First In, First Out, commonly known as FIFO, is an asset-management and valuation method in which…

Business

Accounting

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: Model Inventory, January 1 Purchases Invoices 1st 4 at $ 29 4 at 85 3at 55 6 at 240 10 at 56 2 at 111 4 at 161 8 at $ 94 3 at 65 7 at 232 12 at 54 2 at 109 5 at 151 Purchases Invoices 2nd 4 at $32 3 at 91 15 at 58 5 at 250 16 at 63 3 at 129 4 at 166 Purchases Invoices 3rd 4 at $35 6 at 98 9 at 60 10 at 249 16 at 64 Inventory Count, December 31 A10 815 E60 G83 334 M90 Q70 Required: Determine the cost of the inventory on December 31 by the first-in, first-out method. 3 at 131 7 at 171 5 7 5 9 13 5 8

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: Model Inventory, January 1 Purchases Invoices 1st 4 at $ 29 4 at 85 3at 55 6 at 240 10 at 56 2 at 111 4 at 161 8 at $ 94 3 at 65 7 at 232 12 at 54 2 at 109 5 at 151 Purchases Invoices 2nd 4 at $32 3 at 91 15 at 58 5 at 250 16 at 63 3 at 129 4 at 166 Purchases Invoices 3rd 4 at $35 6 at 98 9 at 60 10 at 249 16 at 64 Inventory Count, December 31 A10 815 E60 G83 334 M90 Q70 Required: Determine the cost of the inventory on December 31 by the first-in, first-out method. 3 at 131 7 at 171 5 7 5 9 13 5 8

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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