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 Inventory, Inventory Count, Model 1st 2nd 3rd January 1 December 31 A10 4 at $ 27 4 at $ 30 4 at $ 33 B15 8 at $ 83 4 at 74 3 at 80 6 at 87 7 E60 3 at 74 3 at 64 15 at 67 9 at 69 5 G83 7 at 237 6 at 245 5 at 255 10 at 254 J34 12 at 76 10 at 78 16 at 85 16 at 86 13 М90 2 at 120 2 at 122 3 at 140 3 at 142 Q70 5 at 150 4 at 160 4 at 165 7 at 170 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 Cost of the Inventory-FIFO Method December 31 Model Quantity Unit Cost Total Cost A10 $ 24 A10 B15 В15 E60 G83 J34 M90 M90 Q70 Q70 Total $4

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 Inventory, Inventory Count, Model 1st 2nd 3rd January 1 December 31 A10 4 at $ 27 4 at $ 30 4 at $ 33 B15 8 at $ 83 4 at 74 3 at 80 6 at 87 7 E60 3 at 74 3 at 64 15 at 67 9 at 69 5 G83 7 at 237 6 at 245 5 at 255 10 at 254 J34 12 at 76 10 at 78 16 at 85 16 at 86 13 М90 2 at 120 2 at 122 3 at 140 3 at 142 Q70 5 at 150 4 at 160 4 at 165 7 at 170 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 Cost of the Inventory-FIFO Method December 31 Model Quantity Unit Cost Total Cost A10 $ 24 A10 B15 В15 E60 G83 J34 M90 M90 Q70 Q70 Total $4

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Description: Periodic Inventory by Three MethodsDymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchasesinvoices during the next 12 months, and the inventory count at December 31 are summarized as

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 5PA: Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances...

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