Question

Periodic Inventory by Three Methods

Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at November 1, 2015, purchases invoices during the next 12 months, and the inventory count at October 31, 2016, are summarized as follows:

Purchases Invoices
Model	Inventory, November 1		1st		2nd		3rd		Inventory Count, October 31
A10	__		4 at	$ 64	4 at	$ 70	4 at	$ 76	6
B15	8 at	$ 176	4 at	158	3 at	170	6 at	184	8
E60	3 at	75	3 at	65	15 at	68	9 at	70	5
G83	7 at	242	6 at	250	5 at	260	10 at	259	9
J34	12 at	240	10 at	246	16 at	267	16 at	270	15
M90	2 at	108	2 at	110	3 at	128	3 at	130	5
Q70	5 at	160	4 at	170	4 at	175	7 at	180	8

Required:

1. Determine the cost of the inventory on October 31, 2016, by the The method of inventory costing based on the assumption that the costs of merchandise sold should be charged against revenue in the order in which the costs were incurred.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 October 31, 2016
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 October 31, 2016, by the A method of inventory costing based on the assumption that the most recent merchandise inventory costs should be charged against revenue.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 October 31, 2016
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 October 31, 2016, by the weighted average cost method.

Dymac Appliances Cost of the Inventory-Weighted Average Method October 31, 2016
Model	Quantity		Unit Cost		Total Cost
A10		$		$
B15
E60
G83
J34
M90
Q70
Total				$

Answer 1