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:

Model	Inventory, January 1	Purchases Invoices 1st	Purchases Invoices 2nd	Purchases Invoices 3rd	Inventory Count, December 31
A10	__	4 at $ 41	4 at $ 44	4 at $ 47	5
B15	8 at $ 85	4 at 76	3 at 82	6 at 89	7
E60	3 at 71	3at 61	15 at 64	9 at 66	5
G83	7 at 226	6 at 234	5 at 244	10 at 243	9
J34	12 at 58	10 at 60	16 at 67	16 at 68	13
M90	2 at 112	2 at 114	3 at 132	3 at 134	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.

Model	Quantity	Unit Cost	Total Cost
A10	fill in the blank 1	$fill in the blank 2	$fill in the blank 3
A10	fill in the blank 4	fill in the blank 5	fill in the blank 6
B15	fill in the blank 7	fill in the blank 8	fill in the blank 9
B15	fill in the blank 10	fill in the blank 11	fill in the blank 12
E60	fill in the blank 13	fill in the blank 14	fill in the blank 15
G83	fill in the blank 16	fill in the blank 17	fill in the blank 18
J34	fill in the blank 19	fill in the blank 20	fill in the blank 21
M90	fill in the blank 22	fill in the blank 23	fill in the blank 24
M90	fill in the blank 25	fill in the blank 26	fill in the blank 27
Q70	fill in the blank 28	fill in the blank 29	fill in the blank 30
Q70	fill in the blank 31	fill in the blank 32	fill in the blank 33
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.

Model	Quantity	Unit Cost	Total Cost
A10	fill in the blank 35	$fill in the blank 36	$fill in the blank 37
A10	fill in the blank 38	fill in the blank 39	fill in the blank 40
B15	fill in the blank 41	fill in the blank 42	fill in the blank 43
E60	fill in the blank 44	fill in the blank 45	fill in the blank 46
E60	fill in the blank 47	fill in the blank 48	fill in the blank 49
G83	fill in the blank 50	fill in the blank 51	fill in the blank 52
G83	fill in the blank 53	fill in the blank 54	fill in the blank 55
J34	fill in the blank 56	fill in the blank 57	fill in the blank 58
J34	fill in the blank 59	fill in the blank 60	fill in the blank 61
M90	fill in the blank 62	fill in the blank 63	fill in the blank 64
M90	fill in the blank 65	fill in the blank 66	fill in the blank 67
M90	fill in the blank 68	fill in the blank 69	fill in the blank 70
Q70	fill in the blank 71	fill in the blank 72	fill in the blank 73
Q70	fill in the blank 74	fill in the blank 75	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.

Model	Quantity	Unit Cost	Total Cost
A10	fill in the blank 78	$fill in the blank 79	$fill in the blank 80
B15	fill in the blank 81	fill in the blank 82	fill in the blank 83
E60	fill in the blank 84	fill in the blank 85	fill in the blank 86
G83	fill in the blank 87	fill in the blank 88	fill in the blank 89
J34	fill in the blank 90	fill in the blank 91	fill in the blank 92
M90	fill in the blank 93	fill in the blank 94	fill in the blank 95
Q70	fill in the blank 96	fill in the blank 97	fill in the blank 98
Total			$fill in the blank 99

4a. Which inventory method would be preferred for income tax purposes in periods of rising prices?

FIFO methodLIFO methodSpecific identification methodWeighted average method

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