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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 23 2020 View more View Less

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