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eBook Ch 7 Problems (Pr) Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January
eBook Ch 7 Problems (Pr) 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 Inventory Mode! Inventory Count, 1st 2nd 3rd January 1 December 31 A10 4 at $ 39 4 at $ 42 4 at $ 45 5 B15 8 at $ 85 4 at 76 3 at 82 6 at 89 7 560 3 at 65 3 at 56 15 at 59 9 at 61 5 G83 7 at 223 6 at 231 5 at 241 10 at 240 9 134 12 at 64 10 at 66 16 at 16 at 74 13 73 135 M90 2 at 115 2 at 117 3 at 3 at 137 5 070 5 at 159 4 at 169 174 7 at 179 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. Dymac Appliances Cost of the Inventory-FIFO Method December 31 Model Quantity Unit Cost Total Cost A10 A10 515 B15 E60 GR3 334 M90 M90 070 070 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 Dymac Appliances Cost of the Inventory-LIFO Method December 31 Model Quantity Unit Cost Total Cost A10 A10 815 EGO E60 G83 G83 334 134 M90 190 M90 070 070 Total 3. Determine the cost of the inventory on December 31 by the weighted average cost method. Dymac Appliances Cost of the Inventory-Weighted Average Method December 31 Model Quantity Unit Cost Total Cost A10 $ $ MI B15 E60 G83 334 M90 HII 070 Total $ 4. would be preferred for income tax purposes in periods of rising prices
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