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.

Name: Periodic Inventory by Three MethodsDymac Appliances uses the periodic
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
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…

Business

Accounting

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

See similar textbooks

Similar questions

Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description Value Oct. 1 Inventory 39 units @ $15 Oct. 7 Sale 31 units Oct. 15 Purchase 39 units @ $17 Oct. 24 Sale 13 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31.a. Cost of goods sold on October 24 fill in the blank 1 of 2b. Inventory on October 31 fill in the blank 2 of 2
Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 47 units @ $20 7 Sale 31 units 15 Purchase 35 units @ $23 24 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine, (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 - $412 b. Inventory on October 31 - $ ??????
Periodic Inventory-FIFO Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Units Cost/Unit TotalCost Inventory, Jan. 1 1,500 $0.25 $375 Purchases, Jan. 13 1,100 0.27 297 2,600 $672 Using the FIFO method, calculate Carla's cost of goods sold for January and its January 31 inventory. Cost of goods sold Ending inventory
Periodic inventory by three methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase Mar. 14 Sale Mar. 25 Purchase Mar. 30 Sale 9,000 $60.00 $540,000 21,000 70.00 1,470,000 10,250 140.00 1,435,000 5,750 140.00 805,000 3,500 140.00 490,000 39,500 75.00 2,962,500 15,000 150.00 2,250,000 10,000 150.00 1,500,000 25,000 82.00 2,050,000 30,000 150.00 4,500,000 10,000 88.40 884,000 19,000 150.00 2,850,000 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 $ 966,000 ✓ Cost of goods sold $ 6,940,500 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the…
savita
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $106 Mar. 10 Purchase 60 units @ $118 Aug. 30 Purchase 20 units @ $122 Dec. 12 Purchase 70 units @ $124 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) $ $ Last-in, first-out (LIFO) Weighted average cost
Please help me with all answers thanku
Subject: accounting
Sd Subject: acounting
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,080 units @ $120 Feb. 17 Purchase 1,380 units @ $122 Jul. 21 Purchase 1,525 units @ $125 Nov. 23 Purchase 1,145 units @ $125 There are 1,220 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value. a. Determine the inventory cost by the first-in, first-out method.$fill in the blank 1 b. Determine the inventory cost by the last-in, first-out method.$fill in the blank 2 c. Determine the inventory cost by the weighted average cost method.$fill in the blank 3
ms: Series A OBJ. 2,3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three- PR 7-1A FIFO perpetual inventory month period ending March 31, are as follows: brerionom exs 2 022.2 Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 Transaction Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 7,500 22,500 11,250 bo 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Per Unit $ 75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total $ 562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000
Periodic inventory by three methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase Mar. 14 Sale Mar. 25 Purchase Mar. 30 Sale 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 $ Cost of goods sold $ 2,850,000 X 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 31 $ Cost of goods sold $ 9,000 $60.00 $540,000 21,000 70.00 1,470,000 10,250 140.00 1,435,000 5,750 140.00 805,000 3,500 140.00 490,000 39,500 75.00 2,962,500 15,000 150.00 2,250,000 10,000 150.00…