**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 \$27 | 4 at \$30 | 4 at \$33 | 5 || B15 | 8 at \$83 | 4 at \$74 | 3 at \$80 | 6 at \$87 | 7 || E60 | 3 at \$74 | 15 at \$67 | 9 at \$69 | 5 || G83 | 7 at \$237 | 4 at \$255 | 10 at \$254 | 9 || J34 | 12 at \$106 | 16 at \$85 | 16 at \$86 | 13 || M90 | 2 at \$120 | 2 at \$136 | 3 at \$140 | 3 at \$142 | 5 || Q70 | 5 at \$150 | 4 at \$165 | 7 at \$170 | 8 |**Required:**1. Determine the cost of the inventory on December 31 by the first-in, first-out (FIFO) 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.**Table: Dymac Appliances Cost of the Inventory-FIFO Method December 31**- Model- Quantity- Unit Cost- Total Cost(Blank cells are intended for data entry)**Instructions:**- Follow the FIFO method by considering the items purchased automatically sequential, with the first items received considered the first ones out for sale.- For each model, calculate the remaining inventory by tallying the latest acquired items and their costs.- Fill in the table with the quantity, unit cost, and total cost per model, adding them ## Inventory Cost Calculation Overview### LIFO Method (Last-In, First-Out)**Instructions:**To determine the cost of the inventory on December 31 using the LIFO method, follow the table below. If a model's inventory includes entire purchases at different unit costs, list each purchase on a separate line. Record the oldest units first if units are in inventory at two different costs.#### Table: Dynamac 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** | | | $ |### Weighted Average Cost Method**Instructions:**Determine the cost of the inventory on December 31 using the weighted average cost method. Utilize the table below to fill in necessary details.#### Table: Dynamac Appliances - Cost of the Inventory-Weighted Average Method (December 31)| Model | Quantity | Unit Cost | Total Cost ||-------|----------|-----------|------------|| A10 | | $ | $ || B15 | | $ | $ || E60 | | $ | $ || G83 | | $ | $ || J34 | | $ | $ || M90 | | $ | $ || Q70 | | $ | $ |### Notes:- Ensure to fill out each table with complete and accurate details specific to the transactions for

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Description: **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 summariz

The calculation for the cost of inventory on December 31 using the FIFO method: Model Quantity…

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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 Inventory, Inventory Count, Model 1st 2nd 3rd January 1 December 31 A10 4 at $ 27 4 at $ 30 4 at $ 33 B15 8 at $ 83 4 at 74 3 at 80 6 at 87 7 E60 3 at 74 3 at 64 15 at 67 9 at 69 5 G83 7 at 237 6 at 245 5 at 255 10 at 254 J34 12 at 76 10 at 78 16 at 85 16 at 86 13 М90 2 at 120 2 at 122 3 at 140 3 at 142 Q70 5 at 150 4 at 160 4 at 165 7 at 170 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 $ 24 A10 B15 В15 E60 G83 J34 M90 M90 Q70 Q70 Total $4

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 Inventory, Inventory Count, Model 1st 2nd 3rd January 1 December 31 A10 4 at $ 27 4 at $ 30 4 at $ 33 B15 8 at $ 83 4 at 74 3 at 80 6 at 87 7 E60 3 at 74 3 at 64 15 at 67 9 at 69 5 G83 7 at 237 6 at 245 5 at 255 10 at 254 J34 12 at 76 10 at 78 16 at 85 16 at 86 13 М90 2 at 120 2 at 122 3 at 140 3 at 142 Q70 5 at 150 4 at 160 4 at 165 7 at 170 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 $ 24 A10 B15 В15 E60 G83 J34 M90 M90 Q70 Q70 Total $4

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 5PA: Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances...

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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…