Chap 7 Homework acest the period warten. Dette inventory concessary, thuset och 12 months and the inventory count at December 3 we summarized Purchase is Tel. 14 nd Xed Inventory Count December AL st 140 54 A) 5 277 20 13 13 2 the price for each chaseIf units are in inventory two different costs USED MOST RECENTLY 1. Determine the cost of the inventory on December 31 by the first-in, fi If the inventory of a particular model comprises one entire purchase plus the units PURCHASED MOST RECENTLY first. Dymac Appliances Cost of the Inventory-FIFO Method December 31 Model Quantity Unit Cost Total Cost A10 4 $ 37 X $ A10 1 52 X B15 6 91 X > B15 1 E60 5 G83 9 134 13 M90 3 M90 2 070 7 070 1 Total 2. Determine the cost of the inventory on December 31 by the last-in, first-ou If the inventory of a particular model comprises one entire purchase plus a por the OLDEST units first. Dymac Appliances Cost of the Inventory LIFO Method If the inventory of a particular model comprises one entire purchase plus the OLDEST units first. Dymac Appliances Cost of the Inventory-LIFO Method December 31 Model Quantity Unit Cost Total Cost A10 4 A10 1 B15 E60 3 E60 2 > G83 7 G83 2 334 12 334 1 M90 2 M90 2 M90 1 Q70 5 070 3 Total 3. Determine the cost of the inventory on December 31 by the weighted aver Dymac Appliances Cost of the Inventory Weighted Average Method Check My Work Total 3. Determine the cost of the inventory on December 31 by the weighted Dymac Appliances Cost of the Inventory-Weighted Average Method December 31 Model Quantity Unit Cost Total Cost A10 5 $ $ B15 7 E60 5 683 9 134 13 M90 070 8 Total $ 6,116 X 4. LIFO would be preferred for income tax purposes in periods of Feedback Check My Work Check My Work ssignment Score: 63.27% Cost Retail $300,000 $575,000 Celebrity Tan Merchandise inventory, August 1 Transactions during August: Purchases (net) Sales 2,149,000 3,375,000 3,170,000 Ranchworks Co. $880,000 Merchandise inventory, March 1 Transactions during March thru October: Purchases (net) Sales 9,500,000 15,800,000 Estimated gross profit rate 38% Required: 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co on August 31 by the retail mnth 2a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, pro Ranchworks Co. Cost of the Merchandise Inventory November 30 Cost Merchandise inventory, March 1 880,000 Net purchases 9,500,000 Merchandise available for sale Sales 10,380,000 15,800,000 Less estimated gross profit 6,004,000 Estimated cost of merchandise sold Estimated merchandise inventory, November 30 5.796,000 X 584.000 F Check My Work Merchandise available for sale - estimated cost of inventory sold estimated cost of inventory. Recall that the estimate 2b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $369,750 of merchandise wa November Check My Wor The estimated Inventory less the physical inventory is the estimated loss. Chap 7 Homework RO 1970 970 Total 2. Determine the cost of the inventory on December 31 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. De Appliane. cout of the inventory Laro Method Quant Unit Cast Total Cast AID JAID JO 360 2 14 12 14 1 MO 2 MBO 2 MIO 970 1970 Total 3. Determine the cost of the inventory on December 31 by the weighted average cost method. Dar Appliances cost of the intentary Weight Arras Method Unit C Total Cust NO 015 1860 5 134 13 MO 970 Total 6,116 LIFOX would be preferred for income tax purposes in periods of rising prices 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 5 7 ALD 437 B15 3 95 160 at 50 15 at 61 9 218 SM 228 227 G83 334 10 16 10 66 16 at 74 13 129 M90 070 8 $90 at 210 12 54 2 109 2 $# 170 4100 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. Dyme Appliances Cost of the Inventory-Pro Method Decem Quantity Tatai Cur 37 * * Model A10 AIO 52 615 67 91 315 EGO GS 130 13 M90 3 M90 070 970 Total 2. Determine the cost of the inventory on December 31 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