McMonnies Company uses the periodic inventory system. The table below summarizes details regarding the inventory at January 1, 2015; purchases invoices during the year; and the inventory count at December 31, 2015.

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 Quantity Unit Cost Total Cost
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 Inventory January 1 2 at $520 6 at 520 Inventory Count December 31 Model 1st 2nd 3rd N201 073 Z120 ZZRF 2 at $535 6 at 542 2 at $527 2 at $530 8 at 531 4 at 222 12 at 72 4 at 549 4 at 232 16 at 74 8 at 70 14 at 78 12