need Helpp!! Periodic inventory by three methods Dymac Appliances uses the periodic inventory system. Details...
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need Helpp!! 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:
Model
Inventory,January 1
PurchasesInvoices 1st
PurchasesInvoices 2nd
PurchasesInvoices 3rd
Inventory Count,December 31
A10
__
4 at $ 44
4 at $ 47
4 at $ 50
5
B15
8 at $ 87
4 at 78
3 at 84
6 at 91
7
E60
3 at 72
3at 62
15 at 65
9 at 67
5
G83
7 at 232
6 at 240
5 at 250
10 at 249
9
J34
12 at 63
10 at 65
16 at 72
16 at 73
13
M90
2 at 105
2 at 107
3 at 125
3 at 127
5
Q70
5 at 152
4 at 162
4 at 167
7 at 172
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.
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