Periodic Inventory by Three Methods
genow.com eBook 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 Ist January 1 2nd 3rd Inventory Count, December 31 A10 4 at $39 4 at 542 545 5 B15 8 at $95 4 at 36 at 5 at 99 7 E60 3 at 65 3 at 55 15 at 9 at 60 5 GO3 7 at 214 6 at 222 Sat 232 231 334 12 at 56 10 at 50 16 at 65 16 at M90 2 at 111 2 at 113 3 133 5 070 5 at 4 at 179 7 at IBS 8 Required: 4 1. Determine the cost of the inventory on December 31 by the first first-out method If the inventory of particular model comprises one entire purchase plus portion of another purchase acquired at a different unit cost use a separate line for each purchase units are inventory at two different costs, enter the unit PURCHASED MOST RECENTLY first cost of the Inter Method Model 45 180 A10 1 42 B15 6 93 X Ssax B15 1 86 x 36 x E60 5 09 X 3:45 983 240X 2,160 x 197 HO 127 351 X 2 250 2 174 1,2X 070 970 1 169 16 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 B15 E60 E60 G83 X G83 X 334 X 334 X M90 X M90 M90 070 X Q70 Total 3. Determine the cost of the inventory on December 31 by the weighted average cost method. Dymac Apuliances Cost of the Inventory Weighted Average Method Toticos A10 5 42 210 315 7 38 616 x LO 68 x -340 X 063 234 2,105 X X 845 X 150 118 x 590 3. Determine the cost of the inventory on December 31 by the weighted average cost Dymac Appliances Cost of the Inventory-Weighted Average Method December 31 Model Quantity Unit Cost Total Cost A10 5 42 210 B15 7 7 88 X 616 X E60 5 68 X 340 X G83 9 234 X 2,106 X 334 13 65 X 845 X M90 5 118 X 590 070 8 166 X 1,328 x Total 6,035 X 4. LIFO would be preferred for income tax purposes in periods of rising prices. genow.com eBook 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 Ist January 1 2nd 3rd Inventory Count, December 31 A10 4 at $39 4 at 542 545 5 B15 8 at $95 4 at 36 at 5 at 99 7 E60 3 at 65 3 at 55 15 at 9 at 60 5 GO3 7 at 214 6 at 222 Sat 232 231 334 12 at 56 10 at 50 16 at 65 16 at M90 2 at 111 2 at 113 3 133 5 070 5 at 4 at 179 7 at IBS 8 Required: 4 1. Determine the cost of the inventory on December 31 by the first first-out method If the inventory of particular model comprises one entire purchase plus portion of another purchase acquired at a different unit cost use a separate line for each purchase units are inventory at two different costs, enter the unit PURCHASED MOST RECENTLY first cost of the Inter Method Model 45 180 A10 1 42 B15 6 93 X Ssax B15 1 86 x 36 x E60 5 09 X 3:45 983 240X 2,160 x 197 HO 127 351 X 2 250 2 174 1,2X 070 970 1 169 16 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 B15 E60 E60 G83 X G83 X 334 X 334 X M90 X M90 M90 070 X Q70 Total 3. Determine the cost of the inventory on December 31 by the weighted average cost method. Dymac Apuliances Cost of the Inventory Weighted Average Method Toticos A10 5 42 210 315 7 38 616 x LO 68 x -340 X 063 234 2,105 X X 845 X 150 118 x 590 3. Determine the cost of the inventory on December 31 by the weighted average cost Dymac Appliances Cost of the Inventory-Weighted Average Method December 31 Model Quantity Unit Cost Total Cost A10 5 42 210 B15 7 7 88 X 616 X E60 5 68 X 340 X G83 9 234 X 2,106 X 334 13 65 X 845 X M90 5 118 X 590 070 8 166 X 1,328 x Total 6,035 X 4. LIFO would be preferred for income tax purposes in periods of rising prices
