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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

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 $ 43 4 at $ 46 4 at $ 49 5
B15 8 at $ 94 4 at 85 3 at 91 6 at 98 7
E60 3 at 74 3 at 64 15 at 67 9 at 69 5
G83 7 at 216 6 at 224 5 at 234 10 at 233 9
J34 12 at 77 10 at 79 16 at 86 16 at 87 13
M90 2 at 124 2 at 126 3 at 144 3 at 146 5
Q70 5 at 161 4 at 171 4 at 176 7 at 181 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 December 31
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.

Dymac Appliances Cost of the Inventory-LIFO Method December 31
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.

Dymac Appliances Cost of the Inventory-Weighted Average Method December 31
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

4.

 

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

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