Periodic Inventory by Three Methods Pappa's Appliances uses the periodic inventory system Details regarding the inventory of appliances at January 1, 2016, purchases invoices during the year, and the inventory count at December 31, 2016, are summarized as follows Purchases Invoices Model Inventory, January 1 1st 2nd 3rd Inventory Count, December 31 C55 3 at $ 1,040 3 at $ 1,054 3 at $ 1,060 3 at $ 1,070 4 D11 9 at $ 639 7 at 645 6 at 666 6 at 675 11 F32 5 at 240 3 at 260 1 at 260 1 at 280 2 H29 6 at 305 3 at 310 3 at 316 4 at 317 4 K47 6 at 520 8 at 531 4 at 549 6 at 542 8 S33 4 at 222 4 at 232 2 X74 4 at 35 6 at 36 8 at 37 7 at 39 7 Required 1 Determine the cost of the inventory on December 31, 2016, 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 Pappa's Appliances Cost of the Inventory FIFO Method December 31, 2016 Model Quantity Unit Cost Total Cost C55 $ $ C55 D11 D11 F32 F32 H29 K47 K47 S33 X74 Total $ 2 Determine the cost of the inventory on December 31, 2016, 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 Pappa's Appliances Cost of the Inventory LIFO Method December 31, 2016 Model Quantity Unit Cost Total Cost C55 $ $ C55 D11 D11 F32 H29 K47 K47 S33 X74 X74 Total $ 3 Determine the cost of the inventory on December 31, 2016, by the weighted average cost method Pappa's Appliances Cost of the Inventory Weighted Average Method December 31, 2016 Model Quantity Unit Cost Total Cost C55 $ $ D11 F32 H29 K47 S33 X74 Total $ 4 would be preferred for income tax purposes in periods of declining prices fifo or lifo

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Periodic Inventory by Three Methods Pappa's Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, 2016, purchases invoices during

Periodic Inventory by Three Methods

Pappa's Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, 2016, purchases invoices during the year, and the inventory count at December 31, 2016, are summarized as follows:

Purchases Invoices
Model	Inventory, January 1		1st		2nd		3rd		Inventory Count, December 31
C55	3 at	$ 1,040	3 at	$ 1,054	3 at	$ 1,060	3 at	$ 1,070	4
D11	9 at	$ 639	7 at	645	6 at	666	6 at	675	11
F32	5 at	240	3 at	260	1 at	260	1 at	280	2
H29	6 at	305	3 at	310	3 at	316	4 at	317	4
K47	6 at	520	8 at	531	4 at	549	6 at	542	8
S33			4 at	222	4 at	232			2
X74	4 at	35	6 at	36	8 at	37	7 at	39	7

Required:

1. Determine the cost of the inventory on December 31, 2016, 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.