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	$ 84	4 at	75	3 at	81	6 at	88	7
E60	3 at	67	3 at	57	15 at	60	9 at	62	5
G83	7 at	230	6 at	238	5 at	248	10 at	247	9
J34	12 at	67	10 at	69	16 at	76	16 at	77	13
M90	2 at	117	2 at	119	3 at	137	3 at	139	5
Q70	5 at	154	4 at	164	4 at	169	7 at	174	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.

Dymac Appliances Cost of the Inventory-FIFO Method 2. Determine the cost of the inventory on December 31 by the last-in, first-out method. 3. Determine the cost of the inventory on December 31 by the weighted average cost method. 4. would be preferred for income tax purposes in periods of rising prices