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 $1$st

Purchases

Invoices $2$nd

Purchases

Invoices $3$rd Inventory Count,

December $31$

A$10\_\_4$ at $ $404$ at $ $434$ at $ $465$

B$158$ at $ $944$ at $853$ at $916$ at $987$

E$603$ at $713$at $6115$ at $649$ at $665$

G$837$ at $2396$ at $2475$ at $25710$ at $2569$

J$3412$ at $8210$ at $8416$ at $9116$ at $9213$

M$902$ at $1222$ at $1243$ at $1423$ at $1445$

Q$705$ at $1604$ at $1704$ at $1757$ at $1808$

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 $1$ $fill in the blank $2$ $fill in the blank $3$

A$10$ fill in the blank $4$ fill in the blank $5$ fill in the blank $6$

B$15$ fill in the blank $7$ fill in the blank $8$ fill in the blank $9$

B$15$ fill in the blank $10$ fill in the blank $11$ fill in the blank $12$

E$60$ fill in the blank $13$ fill in the blank $14$ fill in the blank $15$

G$83$ fill in the blank $16$ fill in the blank $17$ fill in the blank $18$

J$34$ fill in the blank $19$ fill in the blank $20$ fill in the blank $21$

M$90$ fill in the blank $22$ fill in the blank $23$ fill in the blank $24$

M$90$ fill in the blank $25$ fill in the blank $26$ fill in the blank $27$

Q$70$ fill in the blank $28$ fill in the blank $29$ fill in the blank $30$

Q$70$ 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.

Dymac Appliances

Cost of the Inventory$-$LIFO Method

December $31$

Model Quantity Unit Cost Total Cost

A$10$ fill in the blank $35$ $fill in the blank $36$ $fill in the blank $37$

A$10$ fill in the blank $38$ fill in the blank $39$ fill in the blank $40$

B$15$ fill in the blank $41$ fill in the blank $42$ fill in the blank $43$

E$60$ fill in the blank $44$ fill in the blank $45$ fill in the blank $46$

E$60$ fill in the blank $47$ fill in the blank $48$ fill in the blank $49$

G$83$ fill in the blank $50$ fill in the blank $51$ fill in the blank $52$

G$83$ fill in the blank $53$ fill in the blank $54$ fill in the blank $55$

J$34$ fill in the blank $56$ fill in the blank $57$ fill in the blank $58$

J$34$ fill in the blank $59$ fill in the blank $60$ fill in the blank $61$

M$90$ fill in the blank $62$ fill in the blank $63$ fill in the blank $64$

M$90$ fill in the blank $65$ fill in the blank $66$ fill in the blank $67$

M$90$ fill in the blank $68$ fill in the blank $69$ fill in the blank $70$

Q$70$ fill in the blank $71$ fill in the blank $72$ fill in the blank $73$

Q$70$ 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.

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 $99$

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

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