Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Needing help with all of these! Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system. Det ils regarding the inventory of appliances

Needing help with all of these! image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system. Det ils 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 Inventory Count, Model 1st 2nd 3rd January 1 December 31 A10 4 at $ 42 4 at $.45 $ 48 5 B15 Bat $92 4 at 3 at 89 6 at 96 7 E60 3 at 68 3 at 58 15 at 61 9 at 63 5 G83 7 at 218 6 at 226 S at 236 10 at 235 9 134 12 at 76 10 at 78 16 at BS 16 at 86 13 M90 2 a 107 2 at 109 3 at 127 3 at 129 5 Q70 Sat 165 4 at 175 4 at 180 7 at 185 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. Dymac Appliances Cost of the Inventory-LIFO Method December 31 Model Quantity Unit Cost Total Cost A10 A10 B15 E60 E60 G83 G83 334 334 M90 M90 M90 070 M90 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 B15 E60 G83 334 M90 970 Total 4, would be preferred for income tax purposes in periods of rising prices

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions