eriodic 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 $11$st $2$nd $3$rd Inventory Count,

December $31$

A$10\_\_4$ at $ $314$ at $ $344$ at $ $375$

B$158$ at $ $854$ at $763$ at $826$ at $897$

E$603$ at $743$ at $6415$ at $679$ at $695$

G$837$ at $2346$ at $2425$ at $25210$ at $2519$

J$3412$ at $7710$ at $7916$ at $8616$ at $8713$

M$902$ at $1072$ at $1093$ at $1273$ at $1295$

Q$705$ at $1654$ at $1754$ at $1807$ at $1858$

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

A$10$ fill in the blank $1$

$ fill in the blank $2$

$ fill in the blank $3$

A$10$ fill in the blank $4$

fill in the blank $5$

fill in the blank $6$

B$15$ fill in the blank $7$

fill in the blank $8$

fill in the blank $9$

B$15$ fill in the blank $10$

fill in the blank $11$

fill in the blank $12$

E$60$ fill in the blank $13$

fill in the blank $14$

fill in the blank $15$

G$83$ fill in the blank $16$

fill in the blank $17$

fill in the blank $18$

J$34$ fill in the blank $19$

fill in the blank $20$

fill in the blank $21$

M$90$ fill in the blank $22$

fill in the blank $23$

fill in the blank $24$

M$90$ fill in the blank $25$

fill in the blank $26$

fill in the blank $27$

Q$70$ fill in the blank $28$

fill in the blank $29$

fill in the blank $30$

Q$70$ 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

A$10$ fill in the blank $35$

$ fill in the blank $36$

$ fill in the blank $37$

A$10$ fill in the blank $38$

fill in the blank $39$

fill in the blank $40$

B$15$ fill in the blank $41$

fill in the blank $42$

fill in the blank $43$

E$60$ fill in the blank $44$

fill in the blank $45$

fill in the blank $46$

E$60$ fill in the blank $47$

fill in the blank $48$

fill in the blank $49$

G$83$ fill in the blank $50$

fill in the blank $51$

fill in the blank $52$

G$83$ fill in the blank $53$

fill in the blank $54$

fill in the blank $55$

J$34$ fill in the blank $56$

fill in the blank $57$

fill in the blank $58$

J$34$ fill in the blank $59$

fill in the blank $60$

fill in the blank $61$

M$90$ fill in the blank $62$

fill in the blank $63$

fill in the blank $64$

M$90$ fill in the blank $65$

fill in the blank $66$

fill in the blank $67$

M$90$ fill in the blank $68$

fill in the blank $69$

fill in the blank $70$

Q$70$ fill in the blank $71$

fill in the blank $72$

fill in the blank $73$

Q$70$ 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

A$10$ fill in the blank $78$

$ fill in the blank $79$

$ fill in the blank $80$

B$15$ fill in the blank $81$

fill in the blank $82$

fill in the blank $83$

E$60$ fill in the blank $84$

fill in the blank $85$

fill in the blank $86$

G$83$ fill in the blank $87$

fill in the blank $88$

fill in the blank $89$

J$34$ fill in the blank $90$

fill in the blank $91$

fill in the blank $92$

M$90$ fill in the blank $93$

fill in the blank $94$

fill in the blank $95$

Q$70$ fill in the blank $96$

fill in the blank $97$

fill in the blank $98$

Total $ fill in the blank $99$

$4.$

would be preferred for income tax purposes in periods of rising prices.