Arctic Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, 2015; purchases invoices during the year; and the inventory count at December 31, 2015, are summarized as follows:

Instructions
1. Determine the cost of the inventory on December 31, 2015, using the first-in, first-out method. Present data in columnar form, using the following headings:
Model
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.
2. Determine the cost of the inventory on December 31, 2015, using the average cost method and using the columnar headings indicated in (1).

Transcribed Image Text:

Purchases Invoices 2nd 18 at $222 Inventory January 1 Inventory Count December 31 Model 1st 3rd BB900 C911 L100 27 at $213 10 at 60 6 at 305 21 at $215 6 at 65 3 at 310 18 at $225 30 2 at 65 3 at 316 2 at 70 4 at 317