Periodic Inventory by Three MethodsDymac 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:Purchases InvoicesModelInventory,January 1Inventory Count,1st2nd3rdDecember 31A104 at$ 274 at$304 at$335B158 at$ 934 at843 at906 at977E603 at653 at5515 at589 at605G837 at2206 at2285 at23810 at237913412 at5510 at5716 at6416 at6513M902 at1102 at1123 at1303 at1325Q705 at1654 at1754 at1807 at1858Required: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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Description: Periodic Inventory by Three MethodsDymac 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 a

Under the Periodic method of inventory costing, the inventories are costed at the end of the period…

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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 a follows: Purchases Invoices Model A10 Inventory, January 1 Inventory Count, 1st 2nd 3rd December 31 4 at $27 4 at $30 4 at $33 5 815 8 at $93 4 at 84 3 at 90 6 at 97 7 E60 3 at 65 3 at 55 15 at 58 9 at 60 5 G83 7 at 220 6 at 228 5 at 238 10 at 237 9 334 12 at 55 10 at 57 16 at 64 16 at 65 13 M90 2 at 110 2 at 112 3 at 130 3 at 132 5 Q70 5 at 165 4 at 175 4 at 180 7 at 185 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.

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 a follows: Purchases Invoices Model A10 Inventory, January 1 Inventory Count, 1st 2nd 3rd December 31 4 at $27 4 at $30 4 at $33 5 815 8 at $93 4 at 84 3 at 90 6 at 97 7 E60 3 at 65 3 at 55 15 at 58 9 at 60 5 G83 7 at 220 6 at 228 5 at 238 10 at 237 9 334 12 at 55 10 at 57 16 at 64 16 at 65 13 M90 2 at 110 2 at 112 3 at 130 3 at 132 5 Q70 5 at 165 4 at 175 4 at 180 7 at 185 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.

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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