Periodic Inventory by Three Methods 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 Model Inventory, January 1    1st    2nd    3rd    Inventory Count, December 31 A10 __ 4 at $ 30 4 at $ 33 4 at $ 36 5     B15 8 at $ 90 4 at 81 3 at 87 6 at 94 7   E60 3 at 66 3 at 56 15 at 59 9 at 61 5   G83 7 at 228 6 at 236 5 at 246 10 at 245 9   J34 12 at 60 10 at 62 16 at 69 16 at 70 13   M90 2 at 119 2 at 121 3 at 139 3 at 141 5   Q70 5 at 161 4 at 171 4 at 176 7 at 181 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. Dymac Appliances Cost of the Inventory-FIFO Method December 31 Model Quantity   Unit Cost   Total Cost A10 fill in the blank 1   $fill in the blank 2   $fill in the blank 3 A10 fill in the blank 4   fill in the blank 5   fill in the blank 6 B15 fill in the blank 7   fill in the blank 8   fill in the blank 9 B15 fill in the blank 10   fill in the blank 11   fill in the blank 12 E60 fill in the blank 13   fill in the blank 14   fill in the blank 15 G83 fill in the blank 16   fill in the blank 17   fill in the blank 18 J34 fill in the blank 19   fill in the blank 20   fill in the blank 21 M90 fill in the blank 22   fill in the blank 23   fill in the blank 24 M90 fill in the blank 25   fill in the blank 26   fill in the blank 27 Q70 fill in the blank 28   fill in the blank 29   fill in the blank 30 Q70 fill in the blank 31   fill in the blank 32   fill in the blank 33 Total         $fill in the blank 34 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 December 31 Model Quantity   Unit Cost   Total Cost A10 fill in the blank 35   $fill in the blank 36   $fill in the blank 37 A10 fill in the blank 38   fill in the blank 39   fill in the blank 40 B15 fill in the blank 41   fill in the blank 42   fill in the blank 43 E60 fill in the blank 44   fill in the blank 45   fill in the blank 46 E60 fill in the blank 47   fill in the blank 48   fill in the blank 49 G83 fill in the blank 50   fill in the blank 51   fill in the blank 52 G83 fill in the blank 53   fill in the blank 54   fill in the blank 55 J34 fill in the blank 56   fill in the blank 57   fill in the blank 58 J34 fill in the blank 59   fill in the blank 60   fill in the blank 61 M90 fill in the blank 62   fill in the blank 63   fill in the blank 64 M90 fill in the blank 65   fill in the blank 66   fill in the blank 67 M90 fill in the blank 68   fill in the blank 69   fill in the blank 70 Q70 fill in the blank 71   fill in the blank 72   fill in the blank 73 Q70 fill in the blank 74   fill in the blank 75   fill in the blank 76 Total         $fill in the blank 77 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 fill in the blank 78   $fill in the blank 79   $fill in the blank 80 B15 fill in the blank 81   fill in the blank 82   fill in the blank 83 E60 fill in the blank 84   fill in the blank 85   fill in the blank 86 G83 fill in the blank 87   fill in the blank 88   fill in the blank 89 J34 fill in the blank 90   fill in the blank 91   fill in the blank 92 M90 fill in the blank 93   fill in the blank 94   fill in the blank 95 Q70 fill in the blank 96   fill in the blank 97   fill in the blank 98 Total         $fill in the blank 99 4.      would be preferred for income tax purposes in periods of rising prices.

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Periodic Inventory by Three Methods

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
Model Inventory,
January 1
   1st    2nd    3rd    Inventory Count,
December 31
A10 __ 4 at $ 30 4 at $ 33 4 at $ 36 5    
B15 8 at $ 90 4 at 81 3 at 87 6 at 94 7  
E60 3 at 66 3 at 56 15 at 59 9 at 61 5  
G83 7 at 228 6 at 236 5 at 246 10 at 245 9  
J34 12 at 60 10 at 62 16 at 69 16 at 70 13  
M90 2 at 119 2 at 121 3 at 139 3 at 141 5  
Q70 5 at 161 4 at 171 4 at 176 7 at 181 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.

Dymac Appliances
Cost of the Inventory-FIFO Method
December 31
Model Quantity   Unit Cost   Total Cost
A10 fill in the blank 1   $fill in the blank 2   $fill in the blank 3
A10 fill in the blank 4   fill in the blank 5   fill in the blank 6
B15 fill in the blank 7   fill in the blank 8   fill in the blank 9
B15 fill in the blank 10   fill in the blank 11   fill in the blank 12
E60 fill in the blank 13   fill in the blank 14   fill in the blank 15
G83 fill in the blank 16   fill in the blank 17   fill in the blank 18
J34 fill in the blank 19   fill in the blank 20   fill in the blank 21
M90 fill in the blank 22   fill in the blank 23   fill in the blank 24
M90 fill in the blank 25   fill in the blank 26   fill in the blank 27
Q70 fill in the blank 28   fill in the blank 29   fill in the blank 30
Q70 fill in the blank 31   fill in the blank 32   fill in the blank 33
Total         $fill in the blank 34

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
December 31
Model Quantity   Unit Cost   Total Cost
A10 fill in the blank 35   $fill in the blank 36   $fill in the blank 37
A10 fill in the blank 38   fill in the blank 39   fill in the blank 40
B15 fill in the blank 41   fill in the blank 42   fill in the blank 43
E60 fill in the blank 44   fill in the blank 45   fill in the blank 46
E60 fill in the blank 47   fill in the blank 48   fill in the blank 49
G83 fill in the blank 50   fill in the blank 51   fill in the blank 52
G83 fill in the blank 53   fill in the blank 54   fill in the blank 55
J34 fill in the blank 56   fill in the blank 57   fill in the blank 58
J34 fill in the blank 59   fill in the blank 60   fill in the blank 61
M90 fill in the blank 62   fill in the blank 63   fill in the blank 64
M90 fill in the blank 65   fill in the blank 66   fill in the blank 67
M90 fill in the blank 68   fill in the blank 69   fill in the blank 70
Q70 fill in the blank 71   fill in the blank 72   fill in the blank 73
Q70 fill in the blank 74   fill in the blank 75   fill in the blank 76
Total         $fill in the blank 77

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 fill in the blank 78   $fill in the blank 79   $fill in the blank 80
B15 fill in the blank 81   fill in the blank 82   fill in the blank 83
E60 fill in the blank 84   fill in the blank 85   fill in the blank 86
G83 fill in the blank 87   fill in the blank 88   fill in the blank 89
J34 fill in the blank 90   fill in the blank 91   fill in the blank 92
M90 fill in the blank 93   fill in the blank 94   fill in the blank 95
Q70 fill in the blank 96   fill in the blank 97   fill in the blank 98
Total         $fill in the blank 99

4.  

 

 would be preferred for income tax purposes in periods of rising prices.

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