Bulldog Appliances uses the periodic inventory system. Details regarding the inventory of appliances at September 1, 2015, purchases invoices during the next 12 months, and the inventory count at August 31, 2016, are summarized as follows:

1. Determine the cost of the inventory on August 31, 2016, 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.

Bulldog Appliances Cost of the Inventory-FIFO Method August 31, 2016

Model	Quantity	Unit Cost	Total Cost
AZ09
AZ09
GA85
GA85
HI71
KS32
MS17
ND52
ND52
WV63
WV63
Total

2. Determine the cost of the inventory on August 31, 2016, by the last-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 OLDEST units first.

Bulldog Appliances Cost of the Inventory-LIFO Method August 31, 2016

Model	Quantity	Unit Cost	Total Cost
AZ09
AZ09
GA85
GA85
HI71
KS32
MS17
ND52
ND52
WV63
WV63
Total

3. Determine the cost of the inventory on August 31, 2016, by the weighted average cost method.

Bulldog Appliances Cost of the Inventory-Weighted Average Method

August 31, 2016

Model	Quantity	Unit Cost	Total Cost
AZ09
GA85
HI71
KS32
MS17
ND52
WV63
Total

4. (FIFO/LIFO?) would be preferred for income tax purposes in periods of rising prices.

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