Reference no: EM132693544

Question - 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 $ 33 4 at $ 36 4 at $39 5

B15 8 at $ 93 4 at 84 3 at 90 6 at 97 7

E60 3 at 74 3 at 64 15 at 67 9 at 69 5

G83 7 at 219 6 at 227 5 at 237 10 at 236 9

J34 12 at 73 10 at 75 16 at 82 16 at 83 13

M90 2 at 106 2 at 108. 3 at 126. 3 at 128 5

Q70 5 at 158 4 at 168 4 at 173 7 at 178 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.

2. Determine the cost of the inventory on December 31 by the last-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 OLDEST units first.

3. Determine the cost of the inventory on December 31 by the weighted average cost method.