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.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.4.1P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...
Related questions
Topic Video
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning