### Create an Account

Home / Questions / Periodic Inventory by Three Methods Bulldog Appliances uses the periodic inventory system...

# Periodic Inventory by Three Methods Bulldog Appliances uses the periodic inventory system Details regarding the inventory of appliances at September 1 2013 purchases invoices during the next

Periodic Inventory by Three Methods

Bulldog Appliances uses the periodic inventory system. Details regarding the inventory of appliances at September 1, 2013, purchases invoices during the next 12 months, and the inventory count at August 31, 2014, are summarized as follows:

 Purchases Invoices Model Inventory,September 1 1st 2nd 3rd Inventory Count,August 31 AZ09 __ 4 at \$ 28 4 at \$ 31 4 at \$ 34 5 GA85 8 at \$ 94 4 at 85 3 at 91 6 at 98 7 HI71 3 at 70 3 at 60 15 at 63 9 at 65 5 KS32 7 at 227 6 at 235 5 at 245 10 at 244 9 MS17 12 at 78 10 at 80 16 at 87 16 at 88 13 ND52 2 at 111 2 at 113 3 at 131 3 at 133 5 WV63 5 at 164 4 at 174 4 at 179 7 at 184 8

Required:

1. Determine the cost of the inventory on August 31, 2014, 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.

Bulldog Appliances
Cost of the Inventory-FIFO Method
August 31, 2014
Model Quantity   Unit Cost   Total Cost
AZ09   \$   \$
AZ09
GA85
GA85
HI71
KS32
MS17
ND52
ND52
WV63
WV63
Total       \$

2. Determine the cost of the inventory on August 31, 2014, 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.

Bulldog Appliances
Cost of the Inventory-LIFO Method
August 31, 2014
Model Quantity   Unit Cost   Total Cost
AZ09   \$   \$
AZ09
GA85
HI71
HI71
KS32
KS32
MS17
MS17
ND52
ND52
ND52
WV63
WV63
Total       \$

3. Determine the cost of the inventory on August 31, 2014, by the weighted average cost method.

Bulldog Appliances
Cost of the Inventory-Weighted Average Method
August 31, 2014
Model Quantity   Unit Cost   Total Cost
AZ09   \$   \$
GA85
HI71
KS32
MS17
ND52
WV63
Total       \$

Jun 22 2020 View more View Less