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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: 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
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: Inventory, Model January 1 A10 B15 E60 G83 334 M90 Q70 8 at $94 3 at 65 7 at 232 12 at 54 2 at 109 5 at 151 Purchases Invoices 1st 4 at $ 29 4 at 85 3at 55 6 at 240 10 at 56 2 at 111 4 at 161 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 3 at 131 7 at 171 Inventory Count, December 31 5 7 5 9 13 5 8 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.
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: Inventory, Model January 1 A10 B15 E60 G83 334 M90 Q70 8 at $94 3 at 65 7 at 232 12 at 54 2 at 109 5 at 151 Purchases Invoices 1st 4 at $ 29 4 at 85 3at 55 6 at 240 10 at 56 2 at 111 4 at 161 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 3 at 131 7 at 171 Inventory Count, December 31 5 7 5 9 13 5 8 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.
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