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
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1. EX.07.14
2. EX.07.15.ALGO
3. PR.07.05.ALGO
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 t
inventory count at December 31 are summarized as follows:
Purchases Invoices
Inventory,
Inventory Count,
Model
1st
2nd
3rd
January 1
December 31
A10
4 at
$32
4 at
$ 35
4 at $38
S
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
5
G83
7 at
234
6 at
242
5 at
252
10 at
251
9
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
5
Q70
5 at
162
4 at
172
4 at
177
7 at
182
8
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.
Dymac Appliances
Transcribed Image Text:1. EX.07.14 2. EX.07.15.ALGO 3. PR.07.05.ALGO 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 t inventory count at December 31 are summarized as follows: Purchases Invoices Inventory, Inventory Count, Model 1st 2nd 3rd January 1 December 31 A10 4 at $32 4 at $ 35 4 at $38 S 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 5 G83 7 at 234 6 at 242 5 at 252 10 at 251 9 334 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 5 Q70 5 at 162 4 at 172 4 at 177 7 at 182 8 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. Dymac Appliances
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