How do I solve the second entries for the double entries like G83 in the...
70.2K
Verified Solution
Link Copied!
Question
Accounting
How do I solve the second entries for the double entries like G83 in the LIFO table?
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
$ 26
4 at
$ 29
4 at
$ 32
5
B15
8 at
$ 91
4 at
82
3 at
88
6 at
95
7
E60
3 at
70
3 at
60
15 at
63
9 at
65
5
G83
7 at
243
6 at
251
5 at
261
10 at
260
9
J34
12 at
50
10 at
52
16 at
59
16 at
60
13
M90
2 at
117
2 at
119
3 at
137
3 at
139
5
Q70
5 at
151
4 at
161
4 at
166
7 at
171
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
fill in the blank 1
$fill in the blank 2
$fill in the blank 3
A10
fill in the blank 4
fill in the blank 5
fill in the blank 6
B15
fill in the blank 7
fill in the blank 8
fill in the blank 9
B15
fill in the blank 10
fill in the blank 11
fill in the blank 12
E60
fill in the blank 13
fill in the blank 14
fill in the blank 15
G83
fill in the blank 16
fill in the blank 17
fill in the blank 18
J34
fill in the blank 19
fill in the blank 20
fill in the blank 21
M90
fill in the blank 22
fill in the blank 23
fill in the blank 24
M90
fill in the blank 25
fill in the blank 26
fill in the blank 27
Q70
fill in the blank 28
fill in the blank 29
fill in the blank 30
Q70
fill in the blank 31
fill in the blank 32
fill in the blank 33
Total
$fill in the blank 34
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.
Dymac Appliances Cost of the Inventory-LIFO Method December 31
Model
Quantity
Unit Cost
Total Cost
A10
fill in the blank 35
$fill in the blank 36
$fill in the blank 37
A10
fill in the blank 38
fill in the blank 39
fill in the blank 40
B15
fill in the blank 41
fill in the blank 42
fill in the blank 43
E60
fill in the blank 44
fill in the blank 45
fill in the blank 46
E60
fill in the blank 47
fill in the blank 48
fill in the blank 49
G83
fill in the blank 50
fill in the blank 51
fill in the blank 52
G83
fill in the blank 53
fill in the blank 54
fill in the blank 55
J34
fill in the blank 56
fill in the blank 57
fill in the blank 58
J34
fill in the blank 59
fill in the blank 60
fill in the blank 61
M90
fill in the blank 62
fill in the blank 63
fill in the blank 64
M90
fill in the blank 65
fill in the blank 66
fill in the blank 67
M90
fill in the blank 68
fill in the blank 69
fill in the blank 70
Q70
fill in the blank 71
fill in the blank 72
fill in the blank 73
Q70
fill in the blank 74
fill in the blank 75
fill in the blank 76
Total
$fill in the blank 77
3. Determine the cost of the inventory on December 31 by the weighted average cost method.
Dymac Appliances Cost of the Inventory-Weighted Average Method December 31
Model
Quantity
Unit Cost
Total Cost
A10
fill in the blank 78
$fill in the blank 79
$fill in the blank 80
B15
fill in the blank 81
fill in the blank 82
fill in the blank 83
E60
fill in the blank 84
fill in the blank 85
fill in the blank 86
G83
fill in the blank 87
fill in the blank 88
fill in the blank 89
J34
fill in the blank 90
fill in the blank 91
fill in the blank 92
M90
fill in the blank 93
fill in the blank 94
fill in the blank 95
Q70
fill in the blank 96
fill in the blank 97
fill in the blank 98
Total
$fill in the blank 99
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!