Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1,...
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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: Inventory, Purchases Purchases Purchases Inventory Count, Model January 1 Invoices 1st Invoices 2nd Invoices 3rd December 31 A10 4 at $ 42 4 at $ 45 4 at $ 48 5 - 815 8 at $ 92 4 at 83 3 at 89 6 at 96 7 E60 3 at 66 3at 56 15 at 59 9 at 61 5 G83 7 at 211 6 at 219 5 at 229 10 at 228 9 334 12 at 75 10 at 77 16 at 84 16 at 85 13 M90 2 at 113 2 at 115 3 at 133 3 at 135 5 Q70 5 at 168 4 at 178 4 at 183 7 at 188 8 Required: 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 A10 A10 B15 815 E60 G83 134 M90 M90 Q70 Q70 Total Unit Cost Total Cost 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: Inventory, Purchases Purchases Purchases Inventory Count, Model January 1 Invoices 1st Invoices 2nd Invoices 3rd December 31 A10 4 at $ 42 4 at $ 45 4 at $ 48 5 - 815 8 at $ 92 4 at 83 3 at 89 6 at 96 7 E60 3 at 66 3at 56 15 at 59 9 at 61 5 G83 7 at 211 6 at 219 5 at 229 10 at 228 9 334 12 at 75 10 at 77 16 at 84 16 at 85 13 M90 2 at 113 2 at 115 3 at 133 3 at 135 5 Q70 5 at 168 4 at 178 4 at 183 7 at 188 8 Required: 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 A10 A10 B15 815 E60 G83 134 M90 M90 Q70 Q70 Total Unit Cost Total Cost
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Related Book For
Corporate Financial Accounting
ISBN: 9781337398169
15th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
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