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eBook Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during

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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
A10 __ 4 at $ 41 4 at $ 44 4 at $ 47 5
B15 8 at $ 95 4 at 86 3 at 92 6 at 99 7
E60 3 at 69 3 at 59 15 at 62 9 at 64 5
G83 7 at 231 6 at 239 5 at 249 10 at 248 9
J34 12 at 51 10 at 53 16 at 60 16 at 61 13
M90 2 at 107 2 at 109 3 at 127 3 at 129 5
Q70 5 at 164 4 at 174 4 at 179 7 at 184 8

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.

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.

3. Determine the cost of the inventory on December 31 by the weighted average cost method.

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