1. EX.07.142. EX.07.15.ALGO3. PR.07.05.ALGOPeriodic Inventory by Three MethodsDymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and tinventory count at December 31 are summarized as follows:Purchases InvoicesInventory,Inventory Count,Model1st2nd3rdJanuary 1December 31A104 at$324 at$ 354 at $38SB158 at$924 at833 at896 at967E603 at673 at5715 at609 at625G837 at2346 at2425 at25210 at251933412 at7710 at7916 at8616 at8713M902 at1242 at1263 at1443 at1465Q705 at1624 at1724 at1777 at1828Required: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 eachpurchase. If units are in inventory at two different costs, enter the units PURCHASED MOST RECENTLY first.Dymac Appliances

Name: 1. EX.07.142. EX.07.15.ALGO3. PR.07.05.ALGOPeriodic Inventory by Thre
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Description: 1. EX.07.142. EX.07.15.ALGO3. PR.07.05.ALGOPeriodic Inventory by Three MethodsDymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and tinvento

FIFO is first in first out which means inventory bought first is sold first.Inventory means the…

Business

Accounting

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, an inventory count at December 31 are summarized as follows: Purchases Invoices Model Inventory, January 1 Inventory Count, 1st 2nd 3rd December 31 A10 4 at $32 4 at $35 4 at $ 38 5 B15 8 at $92 4 at 83 3 at 89 6 at 96 7 E60 3 at 67 3 at 57 15 at 60 9 at 62 G83 7 at 234 6 at 242 5 at 252 10 at 251 334 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 Q70 5 at 162 4 at 172 4 at 177 7 at 182 samin 0 5 9 5 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. Dumac Appliances

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, an inventory count at December 31 are summarized as follows: Purchases Invoices Model Inventory, January 1 Inventory Count, 1st 2nd 3rd December 31 A10 4 at $32 4 at $35 4 at $ 38 5 B15 8 at $92 4 at 83 3 at 89 6 at 96 7 E60 3 at 67 3 at 57 15 at 60 9 at 62 G83 7 at 234 6 at 242 5 at 252 10 at 251 334 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 Q70 5 at 162 4 at 172 4 at 177 7 at 182 samin 0 5 9 5 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. Dumac Appliances

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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