Question
Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at November 1, 2015, purchases invoices during
Periodic Inventory by Three Methods
Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at November 1, 2015, purchases invoices during the next 12 months, and the inventory count at October 31, 2016, are summarized as follows:
Purchases Invoices | |||||||||||
Model | Inventory, November 1 | 1st | 2nd | 3rd | Inventory Count, October 31 | ||||||
A10 | __ | 4 at | $ 64 | 4 at | $ 70 | 4 at | $ 76 | 6 | |||
B15 | 8 at | $ 176 | 4 at | 158 | 3 at | 170 | 6 at | 184 | 8 | ||
E60 | 3 at | 75 | 3 at | 65 | 15 at | 68 | 9 at | 70 | 5 | ||
G83 | 7 at | 242 | 6 at | 250 | 5 at | 260 | 10 at | 259 | 9 | ||
J34 | 12 at | 240 | 10 at | 246 | 16 at | 267 | 16 at | 270 | 15 | ||
M90 | 2 at | 108 | 2 at | 110 | 3 at | 128 | 3 at | 130 | 5 | ||
Q70 | 5 at | 160 | 4 at | 170 | 4 at | 175 | 7 at | 180 | 8 |
Required:
1. Determine the cost of the inventory on October 31, 2016, by the The method of inventory costing based on the assumption that the costs of merchandise sold should be charged against revenue in the order in which the costs were incurred.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 October 31, 2016 | |||||
---|---|---|---|---|---|
Model | Quantity | Unit Cost | Total Cost | ||
A10 | $ | $ | |||
A10 | |||||
B15 | |||||
B15 | |||||
E60 | |||||
G83 | |||||
J34 | |||||
M90 | |||||
M90 | |||||
Q70 | |||||
Q70 | |||||
Total | $ |
2. Determine the cost of the inventory on October 31, 2016, by the A method of inventory costing based on the assumption that the most recent merchandise inventory costs should be charged against revenue.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 October 31, 2016 | |||||
---|---|---|---|---|---|
Model | Quantity | Unit Cost | Total Cost | ||
A10 | $ | $ | |||
A10 | |||||
B15 | |||||
E60 | |||||
E60 | |||||
G83 | |||||
G83 | |||||
J34 | |||||
J34 | |||||
M90 | |||||
M90 | |||||
M90 | |||||
Q70 | |||||
Q70 | |||||
Total | $ |
3. Determine the cost of the inventory on October 31, 2016, by the weighted average cost method.
Dymac Appliances Cost of the Inventory-Weighted Average Method October 31, 2016 | |||||
---|---|---|---|---|---|
Model | Quantity | Unit Cost | Total Cost | ||
A10 | $ | $ | |||
B15 | |||||
E60 | |||||
G83 | |||||
J34 | |||||
M90 | |||||
Q70 | |||||
Total | $ |
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