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, January 1    1st    2nd    3rd    Inventory Count, December 31 A10 __ 4 at $ 64 4 at $ 70 4 at $ 76 6     B15 8 at $ 176 4 at 158 3 at 170 6 at 184 8   E60 3 at 75 3 at 65 15 at 68 9 at 70 5   G83 7 at 242 6 at 250 5 at 260 10 at 259 9   J34 12 at 240 10 at 246 16 at 267 16 at 270 15   M90 2 at 108 2 at 110 3 at 128 3 at 130 5   Q70 5 at 160 4 at 170 4 at 175 7 at 180 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.

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

Periodic inventory by three methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase Mar. 14 Sale Mar. 25 Purchase Mar. 30 Sale 9,000 $60.00 $540,000 21,000 70.00 1,470,000 10,250 140.00 1,435,000 5,750 140.00 805,000 3,500 140.00 490,000 39,500 75.00 2,962,500 15,000 150.00 2,250,000 10,000 150.00 1,500,000 25,000 82.00 2,050,000 30,000 150.00 4,500,000 10,000 88.40 884,000 19,000 150.00 2,850,000 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 $ 966,000 ✓ Cost of goods sold $ 6,940,500 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the…

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $106 Mar. 10 Purchase 60 units @ $118 Aug. 30 Purchase 20 units @ $122 Dec. 12 Purchase 70 units @ $124 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.     Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) $ $ Last-in, first-out (LIFO)     Weighted average cost