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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 a follows: Purchases Invoices Model A10 Inventory, January 1 Inventory Count, 1st 2nd 3rd December 31 4 at $27 4 at $30 4 at $33 5 815 8 at $93 4 at 84 3 at 90 6 at 97 7 E60 3 at 65 3 at 55 15 at 58 9 at 60 5 G83 7 at 220 6 at 228 5 at 238 10 at 237 9 334 12 at 55 10 at 57 16 at 64 16 at 65 13 M90 2 at 110 2 at 112 3 at 130 3 at 132 5 Q70 5 at 165 4 at 175 4 at 180 7 at 185 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 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 a follows: Purchases Invoices Model A10 Inventory, January 1 Inventory Count, 1st 2nd 3rd December 31 4 at $27 4 at $30 4 at $33 5 815 8 at $93 4 at 84 3 at 90 6 at 97 7 E60 3 at 65 3 at 55 15 at 58 9 at 60 5 G83 7 at 220 6 at 228 5 at 238 10 at 237 9 334 12 at 55 10 at 57 16 at 64 16 at 65 13 M90 2 at 110 2 at 112 3 at 130 3 at 132 5 Q70 5 at 165 4 at 175 4 at 180 7 at 185 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.

FINANCIAL ACCOUNTING
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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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 Inventory Count, 1st 2nd 3rd December 31 A10 4 at $ 27 4 at $30 4 at $33 5 B15 8 at $ 93 4 at 84 3 at 90 6 at 97 7 E60 3 at 65 3 at 55 15 at 58 9 at 60 5 G83 7 at 220 6 at 228 5 at 238 10 at 237 9 134 12 at 55 10 at 57 16 at 64 16 at 65 13 M90 2 at 110 2 at 112 3 at 130 3 at 132 5 Q70 5 at 165 4 at 175 4 at 180 7 at 185 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.
Transcribed Image Text: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 Inventory Count, 1st 2nd 3rd December 31 A10 4 at $ 27 4 at $30 4 at $33 5 B15 8 at $ 93 4 at 84 3 at 90 6 at 97 7 E60 3 at 65 3 at 55 15 at 58 9 at 60 5 G83 7 at 220 6 at 228 5 at 238 10 at 237 9 134 12 at 55 10 at 57 16 at 64 16 at 65 13 M90 2 at 110 2 at 112 3 at 130 3 at 132 5 Q70 5 at 165 4 at 175 4 at 180 7 at 185 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.
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