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 $ 64 4 at $ 70 4 at $ 76 6 B15 8 at $ 176 4 at 158 3 at 170 6 at 184 8 E60 3 at 75 3 at 65 15 at 68 9 at 70 5 G83 7 at 242 6 at 250 5 at 260 10 at 259 9 J34 12 at 240 10 at 246 16 at 267 16 at 270 15 M90 2 at 108 2 at 110 3 at 128 3 at 130 5 Q70 5 at 160 4 at 170 4 at 175 7 at 180 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 as follows: Purchases Invoices Model Inventory, January 1 1st 2nd 3rd Inventory Count, December 31 A10 __ 4 at $ 64 4 at $ 70 4 at $ 76 6 B15 8 at $ 176 4 at 158 3 at 170 6 at 184 8 E60 3 at 75 3 at 65 15 at 68 9 at 70 5 G83 7 at 242 6 at 250 5 at 260 10 at 259 9 J34 12 at 240 10 at 246 16 at 267 16 at 270 15 M90 2 at 108 2 at 110 3 at 128 3 at 130 5 Q70 5 at 160 4 at 170 4 at 175 7 at 180 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.
Chapter1: Financial Statements And Business Decisions
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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 | $ 64 | 4 at | $ 70 | 4 at | $ 76 | 6 | ||
| B15 | 8 at | $ 176 | 4 at | 158 | 3 at | 170 | 6 at | 184 | 8 | |
| E60 | 3 at | 75 | 3 at | 65 | 15 at | 68 | 9 at | 70 | 5 | |
| G83 | 7 at | 242 | 6 at | 250 | 5 at | 260 | 10 at | 259 | 9 | |
| J34 | 12 at | 240 | 10 at | 246 | 16 at | 267 | 16 at | 270 | 15 | |
| M90 | 2 at | 108 | 2 at | 110 | 3 at | 128 | 3 at | 130 | 5 | |
| Q70 | 5 at | 160 | 4 at | 170 | 4 at | 175 | 7 at | 180 | 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.
Transcribed Image Text:Dymac Appliances
Cost of the Inventory-FIFO Method
December 31
Model
Quantity
Unit Cost
Total Cost
A10
A10
B15
B15
E60
IG83
134
M90
M90
Q70
Q70
Total
2. Determine the cost of the inventory on December 31 by the last-in, first-out method.
Ir 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
LA10
$
Transcribed Image Text:A10
B15
E60
E60
G83
G83
134
134
M90
M90
M90
Q70
Q70
Total
3. 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
134
M90
Q70
Total
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