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 Dec 31 A10 4 at $ 41 4 at $ 44 4 at $ 47 5 B15 8 at $ 94 4 at 85 3 at 91 6 at 98 7 E60 3 at 66 3 at 56 15 at 59 9 at 61 5 G83 7 at 245 6 at 253 5 at 263 10 at 262 9 J34 12 at 77 10 at 79 16 at 86 16 at 87 13 M90 2 at 123 2 at 125 3 at 143 3 at 145 5 Q70 5 at 164 4 at 174 4 at 179 7 at 184 8 Required: 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 $ $ A10 B15 B15 E60 G83 J34 M90 M90 Q70 Q70 Total $ 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 $ $ A10 B15 E60 E60 G83 G83 J34 J34 M90 M90 M90 Q70 Q70 Total $ Determine the cost of the inventory on December 31 by the weighted average cost method.

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 Dec 31 A10 4 at $ 41 4 at $ 44 4 at $ 47 5 B15 8 at $ 94 4 at 85 3 at 91 6 at 98 7 E60 3 at 66 3 at 56 15 at 59 9 at 61 5 G83 7 at 245 6 at 253 5 at 263 10 at 262 9 J34 12 at 77 10 at 79 16 at 86 16 at 87 13 M90 2 at 123 2 at 125 3 at 143 3 at 145 5 Q70 5 at 164 4 at 174 4 at 179 7 at 184 8 Required: 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 $ $ A10 B15 B15 E60 G83 J34 M90 M90 Q70 Q70 Total $ 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 $ $ A10 B15 E60 E60 G83 G83 J34 J34 M90 M90 M90 Q70 Q70 Total $ Determine the cost of the inventory on December 31 by the weighted average cost method.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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 Dec 31
A10	4 at $ 41	4 at $ 44	4 at $ 47		5
B15	8 at $ 94	4 at 85	3 at 91	6 at 98	7
E60	3 at 66	3 at 56	15 at 59	9 at 61	5
G83	7 at 245	6 at 253	5 at 263	10 at 262	9
J34	12 at 77	10 at 79	16 at 86	16 at 87	13
M90	2 at 123	2 at 125	3 at 143	3 at 145	5
Q70	5 at 164	4 at 174	4 at 179	7 at 184	8

Required:

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		$		$
A10
B15
B15
E60
G83
J34
M90
M90
Q70
Q70
Total				$

Determine the cost of the inventory on December 31 by the last-in, first-out method.

Dymac Appliances Cost of the Inventory-LIFO Method December 31
Model	Quantity		Unit Cost		Total Cost
A10		$		$
A10
B15
E60
E60
G83
G83
J34
J34
M90
M90
M90
Q70
Q70
Total				$

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		$		$
B15
E60
G83
J34
M90
Q70
Total				$

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

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