Question

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:

			Purchases Invoices
Model	Inventory, January 1		1st		2nd		3rd		Inventory Count, December 31
A10	__		4 at	$ 33	4 at	$ 36	4 at	$ 39	5
B15	8 at	$ 90	4 at	81	3 at	87	6 at	94	7
E60	3 at	71	3 at	61	15 at	64	9 at	66	5
G83	7 at	217	6 at	225	5 at	235	10 at	234	9
J34	12 at	59	10 at	61	16 at	68	16 at	69	13
M90	2 at	114	2 at	116	3 at	134	3 at	136	5
Q70	5 at	170	4 at	180	4 at	185	7 at	190	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		$		$
A10
B15
B15
E60
G83
J34
M90
M90
Q70
Q70
Total				$

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		$		$
A10
B15
E60
E60
G83
G83
J34
J34
M90
M90
M90
Q70
Q70
Total				$

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		$		$
B15
E60
G83
J34
M90
Q70
Total				$

4a. Which inventory method would be preferred for income tax purposes in periods of rising prices?

  

4b. Which inventory method would be preferred for income tax purposes in periods of declining prices?

THERE IS NOTHING THAT GOES ON THE RIGHT. MINOR ERROR BY ME

Answer 1

Dynamic Appliance
Ans 1 - FIFO
Model	Quantity	Unit Cost	Total Cost
A 10	4.00	39.00	156.00
A 10	1.00	36.00	36.00
B 15	6.00	94.00	564.00
B 15	1.00	87.00	87.00
E 60	5.00	66.00	330.00
G 83	9.00	234.00	2,106.00
J 34	13.00	69.00	897.00
M 90	3.00	136.00	408.00
M 90	2.00	134.00	268.00
Q 70	7.00	190.00	1,330.00
Q 70	1.00	185.00	185.00
	52.00		6,367.00
Ans 2 - LIFO
Model	Quantity	Unit Cost	Total Cost
A 10	4.00	33.00	132.00
A 10	1.00	36.00	36.00
B 15	7.00	90.00	630.00
E 60	3.00	71.00	213.00
E 60	2.00	61.00	122.00
G 83	7.00	217.00	1,519.00
G 83	2.00	225.00	450.00
J 34	12.00	59.00	708.00
J 34	1.00	61.00	61.00
M 90	2.00	114.00	228.00
M 90	2.00	116.00	232.00
M 90	1.00	134.00	134.00
Q 70	5.00	170.00	850.00
Q 70	3.00	180.00	540.00
	52.00		5,855.00
Ans 3 - Weighted Average
Model A10	Quantity	Unit Cost	Total Cost
1st Purchase	4.00	33.00	132.00
2nd Purchase	4.00	36.00	144.00
3rd Purchase	4.00	39.00	156.00
	12.00	36.00	432.00
Ending Inventory	5.00	36.00	180.00
Model B15	Quantity	Unit Cost	Total Cost
Opening Inventory	8.00	90.00	720.00
1st Purchase	4.00	81.00	324.00
2nd Purchase	3.00	87.00	261.00
3rd Purchase	6.00	94.00	564.00
	21.00	89.00	1,869.00
Ending Inventory	7.00	89.00	623.00
Model E60	Quantity	Unit Cost	Total Cost
Opening Inventory	3.00	71.00	213.00
1st Purchase	3.00	61.00	183.00
2nd Purchase	15.00	64.00	960.00
3rd Purchase	9.00	66.00	594.00
	30.00	65.00	1,950.00
Ending Inventory	5.00	65.00	325.00
Model G83	Quantity	Unit Cost	Total Cost
Opening Inventory	7.00	217.00	1,519.00
1st Purchase	6.00	225.00	1,350.00
2nd Purchase	5.00	235.00	1,175.00
3rd Purchase	10.00	234.00	2,340.00
	28.00	228.00	6,384.00
Ending Inventory	9.00	228.00	2,052.00
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