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 The units of an item available for sale during the year were as follows: Jan. 1   Inventory 5 units @ $47 Feb. 17   Purchase 10 units @ $48 July 21   Purchase 7 units @ $50 Nov. 23   Purchase 20 units @ $52 There are 5 units of the item in the physical inventory at December 31. The periodic inventory system is used. a.  Determine the inventory cost by the first-in, first-out method.$fill in the blank 1 b.  Determine the inventory cost by the last-in, first-out method.$fill in the blank 2 c.  Determine the inventory cost by the weighted average cost method. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.$fill in the blank 3

Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 27 units @ $24 5 Sale 16 units     17 Purchase 29 units @ $26 30 Sale 29 units   Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale.$fill in the blank 1 b. Determine the inventory on September 30.$fill in the blank 2

Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,700 units at $7 Feb. 17 Purchase 2,800 units at $8 Jul. 21 Purchase 3,400 units at $9 Nov. 23 Purchase 1,100 units at $10 There are 1,300 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest dollar. st dollar. b. Determine the inventory cost by the last-in, first-out method. Round your answer to the ne C. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar.

Prepare Natura Company's journal entries to record the following transactions involving its short-term investments in held-to-maturity debt securities, all of which occurred during the current year. a. On June 15, paid $180,000 cash to purchase Remed's 90-day short-term debt securities ($180,000 principal), dated June 15, that pay 7% interest. b. On September 16, received a check from Remed in payment of the principal and 90 days' interest on the debt securities purchased in transaction a. Note: Use 360 days in a year. Do not round your intermediate calculations. View transaction list Journal entry worksheet < 1 2 On June 15, paid $180,000 cash to purchase Remed's 90-day short-term debt securities ($180,000 principal), dated June 15, that pay 7% interest. Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal

Use data below to calculate the cost of ending inventory using the LIFO periodic inventory system method.January 1 Beginning Inventory 20 units at $20 eachJanuary 10 Purchase 24 units at $25 eachJanuary 31 Purchase 25 units at $28 eachOn January 31, ending Inventory consisted of 32 units. a. $750 b. $680 c. $700 d. $600

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Delta are as follows: July 1   Inventory 50 units at $15 7   Sale 44 units 15   Purchase 90 units at $18 24   Sale 40 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31. a. Cost of merchandise sold on July 24 $fill in the blank 1 b. Inventory on July 31 $fill in the blank 2

Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 47 units @ $20         7 Sale 31 units       15 Purchase 35 units @ $23       24 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine, (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 - $412 b. Inventory on October 31 - $ ??????

Kristen Lu purchased a used automobile for $25,100 at the beginning of last year and incurred the following operating costs: Depreciation ($25,100 ÷ 5 years) $ 5,020 Insurance Garage rent Automobile tax and license Variable operating cost $ 2,600 $ 1,300 $ 680 $ 0.14 per mile The variable operating cost consists of gasoline, oil, tires, maintenance, and repairs. Kristen estimates, at her current rate of usage, the car will have zero resale value in five years, so the annual straight-line depreciation is $5,020. The car is kept in a garage for a monthly fee. Required: 1. Kristen drove the car 24,000 miles last year. Compute the average cost per mile of owning and operating the car. Note: Round your answers to 2 decimal places. Average fixed cost per mile $ 0.40 Variable operating cost per mile Average cost per mile $ 0.14 $ 0.54 2. Kristen is unsure about whether she should use her own car or rent a car to go on an extended cross-country trip for two weeks during spring break. What…

Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units at $126 Mar. 10 Purchase 40 units at $136 Aug. 30 Purchase 30 units at $140 Dec. 12 Purchase 80 units at $142 There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.   Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $ $ Last-in, first-out (LIFO)     Weighted Average Cost