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 $11$st $2$nd $3$rd Inventory Count,

December $31$

A$10\_\_4$ at $ $394$ at $ $424$ at $ $455$

B$158$ at $ $914$ at $823$ at $886$ at $957$

E$603$ at $753$ at $6515$ at $689$ at $705$

G$837$ at $2286$ at $2365$ at $24610$ at $2459$

J$3412$ at $7710$ at $7916$ at $8616$ at $8713$

M$902$ at $1152$ at $1173$ at $1353$ at $1375$

Q$705$ at $1594$ at $1694$ at $1747$ at $1798$

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

A$10$ fill in the blank $1$

$4$

$fill in the blank $2$

$45$

$fill in the blank $3$

$180$

A$10$ fill in the blank $4$

$1$

fill in the blank $5$

$42$

fill in the blank $6$

$42$

B$15$ fill in the blank $7$

$6$

fill in the blank $8$

$95$

fill in the blank $9$

$570$

B$15$ fill in the blank $10$

$1$

fill in the blank $11$

fill in the blank $12$

E$60$ fill in the blank $13$

$5$

fill in the blank $14$

$70$

fill in the blank $15$

$350$

G$83$ fill in the blank $16$

$9$

fill in the blank $17$

$245$

fill in the blank $18$

$2,205$

J$34$ fill in the blank $19$

$13$

fill in the blank $20$

$87$

fill in the blank $21$

$1,131$

M$90$ fill in the blank $22$

$3$

fill in the blank $23$

$137$

fill in the blank $24$

$411$

M$90$ fill in the blank $25$

$2$

fill in the blank $26$

fill in the blank $27$

Q$70$ fill in the blank $28$

$7$

fill in the blank $29$

$179$

fill in the blank $30$

$1,253$

Q$70$ fill in the blank $31$

$1$

fill in the blank $32$

$174$

fill in the blank $33$

$174$

Total $fill in the blank $34$

$2.$ 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

A$10$ fill in the blank $35$

$4$

$fill in the blank $36$

$39$

$fill in the blank $37$

$222$

A$10$ fill in the blank $38$

$1$

fill in the blank $39$

$42$

fill in the blank $40$

$42$

B$15$ fill in the blank $41$

$7$

fill in the blank $42$

$91$

fill in the blank $43$

E$60$ fill in the blank $44$

$3$

fill in the blank $45$

fill in the blank $46$

E$60$ fill in the blank $47$

$2$

fill in the blank $48$

fill in the blank $49$

G$83$ fill in the blank $50$

$7$

fill in the blank $51$

fill in the blank $52$

G$83$ fill in the blank $53$

$2$

fill in the blank $54$

fill in the blank $55$

J$34$ fill in the blank $56$

$12$

fill in the blank $57$

$77$

fill in the blank $58$

J$34$ fill in the blank $59$

$1$

fill in the blank $60$

fill in the blank $61$

M$90$ fill in the blank $62$

$2$

fill in the blank $63$

$115$

fill in the blank $64$

M$90$ fill in the blank $65$

$2$

fill in the blank $66$

$117$

fill in the blank $67$

$234$

M$90$ fill in the blank $68$

$1$

fill in the blank $69$

$135$

fill in the blank $70$

$135$

Q$70$ fill in the blank $71$

$5$

fill in the blank $72$

$159$

fill in the blank $73$

Q$70$ fill in the blank $74$

$3$

fill in the blank $75$

$169$

fill in the blank $76$

Total $fill in the blank $77$

$3.$ 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

A$10$ fill in the blank $78$

$fill in the blank $79$

$fill in the blank $80$

B$15$ fill in the blank $81$

fill in the blank $82$

fill in the blank $83$

E$60$ fill in the blank $84$

fill in the blank $85$

fill in the blank $86$

G$83$ fill in the blank $87$

fill in the blank $88$

fill in the blank $89$

J$34$ fill in the blank $90$

fill in the blank $91$

fill in the blank $92$

M$90$ fill in the blank $93$

fill in the blank $94$

fill in the blank $95$

Q$70$ fill in the blank $96$

fill in the blank $97$

fill in the blank $98$

Total $fill in the blank $99$

$4.$

would be preferred for income tax purposes in periods of rising prices.

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