ABCD Aalbcex AalbCABOLCL 1 Normal No Space Heading Heading 2 Title Rep A Sele Editor Paragraph Invento PR 6-5A Periodic Inventory by Three Methods Obj. 2.4 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 A10 4 at $ 64 4 at $ 70 4 at $ 76 B15 8 at $176 4 at 158 3 at 170 6 at 184 E60 3 at 75 3 at 65 15 at 68 9 at 70 G83 7 at 242 6 at 250 5 at 260 10 at 259 12 at 240 10 at 246 16 at 267 16 at 270 2 at 108 2 at 110 3 at 128 3 at 130 070 5 at 160 4 at 170 4 at 175 7 at 180 Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: Model Quantity Unit Cost Total Cost 2. 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 134 M90 - A 2 Find Repl 1 Normal Mo Spa. Heading! Heading 2 1 Title Editing Paragraph Bir TO U TOPY E60 3 at 75 3 at 65 15 at 68 9 at 70 G83 7 at 242 6 at 250 5 at 260 10 at 259 334 12 at 240 10 at 246 16 at 267 16 at 270 M90 2 at 108 2 at 110 3 at 128 3 at 130 070 5 at 160 4 at 170 4 at 175 7 at 180 Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: Model Quantity Unit Cost Total Cost 2. 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. 3. Answer 4. Check Figure: $10,700 5. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 6. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1) 7. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices. Focus ABCD Aalbcex AalbCABOLCL 1 Normal No Space Heading Heading 2 Title Rep A Sele Editor Paragraph Invento PR 6-5A Periodic Inventory by Three Methods Obj. 2.4 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 A10 4 at $ 64 4 at $ 70 4 at $ 76 B15 8 at $176 4 at 158 3 at 170 6 at 184 E60 3 at 75 3 at 65 15 at 68 9 at 70 G83 7 at 242 6 at 250 5 at 260 10 at 259 12 at 240 10 at 246 16 at 267 16 at 270 2 at 108 2 at 110 3 at 128 3 at 130 070 5 at 160 4 at 170 4 at 175 7 at 180 Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: Model Quantity Unit Cost Total Cost 2. 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 134 M90 - A 2 Find Repl 1 Normal Mo Spa. Heading! Heading 2 1 Title Editing Paragraph Bir TO U TOPY E60 3 at 75 3 at 65 15 at 68 9 at 70 G83 7 at 242 6 at 250 5 at 260 10 at 259 334 12 at 240 10 at 246 16 at 267 16 at 270 M90 2 at 108 2 at 110 3 at 128 3 at 130 070 5 at 160 4 at 170 4 at 175 7 at 180 Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: Model Quantity Unit Cost Total Cost 2. 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. 3. Answer 4. Check Figure: $10,700 5. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 6. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1) 7. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices. Focus
