periodic inventory by three methods

dymac appliances uses the periodic inventory system. Details regarding in the inventory of appliances at january 1, purchases invoice during the next 12 months, and the inventory count at december 31 are summarized as follows:

-purchaces invoices grid-

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 seprate line for each purchase. if units are in inventory at two fifferent costs, enter the units PURCHASED MOST RECENTLY first.

-table-

2. determine the cost of the inventory on december 31 by the last-in, first-out method

if the inventory of a particulaf model comprises one entire purchase plus a portion of anither purchase acquures at a differenf unit cosg, use a seprate line for each purchase. if units are in inventory at two different costs, enter the OLDEST units first.

-table-

3. determine the cost of the inventory on december 31 by the weighted average cost method

-table-

4a. which inventory method would be preferred for income tac purposes in periods of rising prives?

a. fifo method

b. lifo method

c. specific identification method

d. weighted average method

4b. which inventory method would be preferred for income tax purposes in periods of decling prices?

a.fifo method

b.lifo method

c. specific identification

d. weighted average method

Model Periodic Inventory by Three Methods Dymac Apliances the periodic Inventory system. Details regarding the inventory of appliances atuary 1, purchases invoices during the next 12 months, and the inventory court at December 31 med as follows Purchases Invoices Inventory. Inventory Count. Ist January 1 December 31 A10 at $35 4a $30 42 $ 3 DIS Bat SBS 43 76 52 sat 7 EGO 25 Sat 61 15 64 9 5 236 bat 244 Sat 251 10 9 134 12 at 28 10 30 16 S7 26 22 105 2 111 3 at 129 B 020 5 at 4 a 182 7 17 # S 3 3 3 M90 Required: 1. Determine the cost of the inventary on December 1 by the first, first-out method If the inventory of a particular model comprises one more purchase plus a portion of another purchase acred at a different unit couse a searateline for each purchase. Ints are in invat two different contenter the la PURCHASED MOST RECENTLY nt. Dymac Appliances Co the inventory na Method December Hudl Ouantity Unit Casi TATO 1 A10 115 BIS ES D A30 A10 HIS RES GER MO PO 020 970 2. Determine the cost of the inventory on December by the If the moderne de und wachse LDEST Appliances AD 410 015 160 ES 134 M90 M90 M90 Q70 Q70 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 134 M90 070 Total 4a. Which inventory method would be preferred for income tax purposes in periods of rising prices? 4a. Which inventory method would be preferred for income tax purposes in periods of rising prices? 4b. Which inventory method would be preferred for income tax purposes in periods of declining prices? Required: 1. Determine the cost of the inventary on December 1 by the first, first-out method at the inventory of a particular model comprises one more purchase phes a portion of another purchase acred at a different unit couse a separateline for each purchaunts are in invay at two different contenter the wa PURCHASED MOST RECENTLY test Dyne Appliances Cor the event Method December 11 Model Quantity Unitat A10 A10 115 B15 083 ASO A10 IS RES AB MO PO 00 970 2. Determine the cut of the moon or by the if they do purchase Appliers AD 410 013 160 J34 M90 M90 M90 Q70 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 683 034 M90 070 Total 4a. Which inventory method would be preferred for income tax purposes in periods of rising prices? 4a. Which inventory method would be preferred for income tax purposes in periods of rising prices? 4b. Which inventory method would be preferred for income tax purposes in periods of declining prices