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Category > Accounting Posted 20 Aug 2017 My Price 11.00

Dymac Appliances

PR 6-5A  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

 

Instructions

1.     Determine the cost of the inventory on October 31, 2016, by the first-in, first-out method. Present data in columnar form, using the following headings:

Model                     Quantity              Unit Cost        Total Cost

 

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.

2.     Determine the cost of the inventory on October 31, 2016, by the last-in, first-out method, following the procedures indicated in (1).

3.     Determine the cost of the inventory on October 31, 2016, by the weighted average cost method, using the columnar headings indicated in (1).

4.     Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Aug 2017 06:08 PM My Price 11.00

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