Instructions1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Presentdata in columnar form, using the following headings:ModelQuantityTotal CostIf the inventory of a particular model comprises one entire purchase plus a portion of anotherpurchase acquired at a different unit cost, use a separate line for each purchase.Unit Cost2. Determine the cost of the inventory on December 31 by the last-in, first-out method, followingthe procedures indicated in (1).3. Determine the cost of the inventory on December 31 by the weighted average cost method,using the columnar headings indicated in (1).4.Discuss which method (FIFO or LIFO) would be preferred for income tax purposesin periods of (a) rising prices and (b) declining prices. ✓ 1. $10,700SHOW ME HOWEXCEL TEMPLATEPR 6-5A Periodic inventory by three methodsObj. 2, 4Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appli-ances at January 1, purchases invoices during the next 12 months, and the inventory count atDecember 31 are summarized as follows:ModelA10B15E60G83Inventory, MarchJ34M90Q70Inventory,January 18 at $1763 at 757 at 24212 at 2402 at 1085 at160Purchases Invoices1st4 at $ 64158654 at3 at6 at25010 at2462 at 1104 at 1702nd4 at $ 703 at 17015 at 685 at16 at2602673 at1284 at1753rd4 at $ 766 at 1849 at 7010 at 25927016 at3 at1307 at180Inventory Count,December 3168591558(Continued)

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Description: Instructions1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Presentdata in columnar form, using the following headings:ModelQuantityTotal CostIf the inventory of a particular model comprises one entire purcha

"FIFO" stands for "First-In, First-Out," and it refers to a method of inventory valuation used in…

Business

Accounting

Obj. 2, 4 PR 6-5A Periodic inventory by three methods Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appli- ances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Model A10 B15 E60 G83 J34 M90 Q70 Inventory, January 1 8 at $176 3 at 75 7 at 242 12 at 240 2 at 108 5 at 160 1st 4 at $ 64 4 at 158 3 at 6 at 10 at Purchases Invoices 2 at 4 at 65 250 246 110 170 2nd 4 at $ 70 3 at 170 15 at 68 5 at 260 16 at 267 3 at 128 4 at 175 3rd 4 at $ 76 6 at 184 9 at 70 10 at 259 16 at 270 3 at 130 7 at 180 Inventory Count, December 31 6859558 15

Obj. 2, 4 PR 6-5A Periodic inventory by three methods Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appli- ances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Model A10 B15 E60 G83 J34 M90 Q70 Inventory, January 1 8 at $176 3 at 75 7 at 242 12 at 240 2 at 108 5 at 160 1st 4 at $ 64 4 at 158 3 at 6 at 10 at Purchases Invoices 2 at 4 at 65 250 246 110 170 2nd 4 at $ 70 3 at 170 15 at 68 5 at 260 16 at 267 3 at 128 4 at 175 3rd 4 at $ 76 6 at 184 9 at 70 10 at 259 16 at 270 3 at 130 7 at 180 Inventory Count, December 31 6859558 15

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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