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 $ 43 4 at B15 BON 3 at 7 at 12 at 2 at 4 at 693 at 241 6 at 69 10 at 1082 at 154 4 at 83 59 249 71 110 164 3 at 15 at Sat 16 at 3 at 4 at $ 46 89 6 at 62 9 at 25910 at 78 16 at 1283 at 169 7 at 64 258 79 130 334 M90 Q70 5 at 174 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. 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 Model Quantity Unit Cost Total Cost A10 A10 Total Check My Work Previous Next > 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 A10 G83 G83 134 334 M90 M90 Calculator eBook 683 683 334 334 M90 M90 M90 070 070 Total 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 B15 E60 Previous Next > Check My Work 070 Q70 Total 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 315 334 M90 Q70 Total would be preferred for income tax purposes in periods of rising prices. Previous Next