Question

Periodic Inventory by Three Methods appliances at January 1, purchases invoices during the next 12 months, and the Dymac Appliances uses the periodic inventory system. Details regarding the inventory Inventory count at December 31 are summarized as follows: Purchases Invoices Inventory Model Ist 2 January 1 Inventory Count, December 31 A10 a 4 at of $29 B15 Bat $93 at E60 M90 070 Sat 1594 at 169 4 at 1747 at 179 Required: a parateline for each purchase 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 cu If units are in inventory at two different costs, enter the units PURCHASED MOST RECENTLY first Cost of the Inventory-FIFO Method

Answer 1

(1) First in First out :-

Model	Quantity	Unit cost	Total Cost
A10	1	$29	$29
A10	4	$32	$128
B15	1	$90	$90
B15	6	$97	$582
E60	5	$60	$300
G83	9	$247	$2,223
J34	13	$90	$1,170
M90	2	$128	$256
M90	3	$130	$390
Q70	1	$174	$174
Q70	7	$179	$1,253
Total			$6,595

(2) Last in First out :-

Model	Quantity	Unit cost	Total Cost
A10	4	$26	$104
A10	1	$29	$29
B15	7	$93	$651
E60	3	$65	$195
E60	2	$55	$110
G83	7	$230	$1,610
G83	2	$238	$476
J34	12	$80	$960
J34	1	$82	$82
M90	2	$108	$216
M90	2	$110	$220
M90	1	$128	$128
Q70	5	$159	$795
Q70	3	$169	$507
Total			$6,083

(3) Weighted Average :-

Model	Quantity	Unit cost	Total Cost
A10	4	$29.00	$116.00
B15	1	$92.00	$92.00
E60	7	$59.00	$413.00
G83	3	$241.00	$723.00
J34	2	$86.00	$172.00
M90	7	$121.00	$847.00
Q70	2	$171.00	$342.00
Total			$2705

Model	Beginning			1st			2nd			3rd			Total # of union (E)	Total cost (D=A+B+C)	Unit Cost (Weighted avg) (D/E)
			(A)			(B)			(C)
A10				4	$26	$104	4	$29	$116	4	$32	$128	12	$348	$29.00
B15	8	$93	$744	4	$84	$336	3	$90	$270	6	$97	$582	21	$1,932	$92.00
E60	3	$65	$195	3	$55	$165	15	$58	$870	9	$60	$540	30	$1,770	$59.00
G83	7	$230	$1,610	6	$238	$1,428	5	$248	$1,240	10	$247	$2,470	28	$6,748	$241.00
J34	12	$80	$960	10	$82	$820	16	$89	$1,424	16	$90	$1,440	54	$4,644	$86.00
M90	2	$108	$216	2	$110	$220	3	$128	$384	3	$130	$390	10	$1,210	$121.00
Q70	5	$159	$795	4	$169	$676	4	$174	$696	7	$179	$1,253	20	$3,420	$171.00