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om/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator-assignment-take;&inpro; eBook Show Me How Calculator by Thgee 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 Inventory Count December 31 Model A10 B15 E60 G83 134 M90 Q70 Required: 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. 1st 2nd 3rd January1 4 at $ 25 4 at $28 4 at $31 8 at $82 4 at73 3 at 79 6 at 86 3 at 75 3at65 15 at 68 9 at 70 7 at 217 6 at 225 5at235 10 at 234 12 at 53 10 at55 16 at 62 16 at 63 2 at 106 2 at 108 3at126 3 at 128 5 at 169 4 at 179 4 at 184 7 at 189 13 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

Solution

(1) FIFO :-

Model

Quantity

Unit Cost

Total Cost

A10

4

31

124

A10

1

28

28

B15

6

86

516

B15

1

79

79

E60

5

70

350

G83

9

234

2106

J34

13

63

819

M90

3

128

384

M90

2

126

252

Q70

7

189

1323

Q70

1

184

184

Total

6165

(2) LIFO :-

Model

Quantity

Unit Cost

Total Cost

A10

4

25

100

A10

1

28

28

B15

7

82

574

E60

3

75

225

E60

2

65

130

G83

7

217

1519

G83

2

225

450

J34

12

53

636

J34

1

55

55

M90

2

106

212

M90

2

108

216

M90

1

126

126

Q70

5

169

845

Q70

3

179

537

Total

5653

(3) Weighted Avg :-

Model

Quantity

Unit Cost

Total Cost

A10

5

28

140

B15

7

81

567

E60

5

69

345

G83

9

228

2052

J34

13

59

767

M90

5

119

595

Q70

8

28

224

Total

4690

Avg Unit Cost :-

Model

Total Cost

(A)

Total Quantity (B)

Avg Unit Cost

(A/B)

A10

[(4 * 25) + (4 * 28) + (4 * 31)]

=336

12

28

B15

[(8 * 82) + (4 * 73) + (3 * 79) + (6 * 86)]

=1701

21

81

E60

[(3 * 75) + (3 * 65) + (15 * 68) + (9 * 70)]

=2070

30

69

G83

[(7 * 217) + (6 * 225) + (5 * 235) + (10 * 234)]

=6384

28

228

J34

[(12 * 53) + (10 * 55) + (16 * 62) + (16 * 63)]

=3186

54

59

M90

[(2 * 106) + (2 * 108) + (3 * 126) + (3 * 128)]

=1190

10

119

Q70

[(5 * 169) + (4 * 179) + (4 * 184) + (7 * 189)]

=3620

20

181

Model	Quantity	Unit Cost	Total Cost
A10	4	31	124
A10	1	28	28
B15	6	86	516
B15	1	79	79
E60	5	70	350
G83	9	234	2106
J34	13	63	819
M90	3	128	384
M90	2	126	252
Q70	7	189	1323
Q70	1	184	184
Total			6165