Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 50 G83 9 J34 13 M90 5 Q70 Total 8 4. LIFO would be preferred for income tax purposes in periods of rising prices. 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 Inventory Count, 1st 2nd 3rd December 31 A10 4 at $ 38 4 at $ 41 4 at $ 44 5 B15 8 at $ 82 4 at 73 3 at 79 6 at 86 98 7 E60 3 at 72 3 at 62 15 at 65 9 at 67 5 G83 7 at 240 6 at 248 5 at 258 10 at 257 9 J34 12 at 68 10 at 70 16 at 77 16 at 78 13 M90 2 at 115 2 at 117 3 at 135 3 at 137 5 Q70 5 at 160 4 at 170 4 at 175 7 at 180 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.

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 50 G83 9 J34 13 M90 5 Q70 Total 8 4. LIFO would be preferred for income tax purposes in periods of rising prices. 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 Inventory Count, 1st 2nd 3rd December 31 A10 4 at $ 38 4 at $ 41 4 at $ 44 5 B15 8 at $ 82 4 at 73 3 at 79 6 at 86 98 7 E60 3 at 72 3 at 62 15 at 65 9 at 67 5 G83 7 at 240 6 at 248 5 at 258 10 at 257 9 J34 12 at 68 10 at 70 16 at 77 16 at 78 13 M90 2 at 115 2 at 117 3 at 135 3 at 137 5 Q70 5 at 160 4 at 170 4 at 175 7 at 180 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.

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 5PA: Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances...
See similar textbooks
icon
Related questions
Question
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 50 G83 9 J34 13 M90 5 Q70 Total 8 4. LIFO would be preferred for income tax purposes in periods of rising prices.
Transcribed Image Text: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 50 G83 9 J34 13 M90 5 Q70 Total 8 4. LIFO would be preferred for income tax purposes in periods of rising prices.
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 Inventory Count, 1st 2nd 3rd December 31 A10 4 at $ 38 4 at $ 41 4 at $ 44 5 B15 8 at $ 82 4 at 73 3 at 79 6 at 86 98 7 E60 3 at 72 3 at 62 15 at 65 9 at 67 5 G83 7 at 240 6 at 248 5 at 258 10 at 257 9 J34 12 at 68 10 at 70 16 at 77 16 at 78 13 M90 2 at 115 2 at 117 3 at 135 3 at 137 5 Q70 5 at 160 4 at 170 4 at 175 7 at 180 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.
Transcribed Image Text: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 Inventory Count, 1st 2nd 3rd December 31 A10 4 at $ 38 4 at $ 41 4 at $ 44 5 B15 8 at $ 82 4 at 73 3 at 79 6 at 86 98 7 E60 3 at 72 3 at 62 15 at 65 9 at 67 5 G83 7 at 240 6 at 248 5 at 258 10 at 257 9 J34 12 at 68 10 at 70 16 at 77 16 at 78 13 M90 2 at 115 2 at 117 3 at 135 3 at 137 5 Q70 5 at 160 4 at 170 4 at 175 7 at 180 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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 1 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS