02 Jul Financial Accounting
Question Description
. Periodic Inventory by three methods ($18,545)
Pappa’s Appliances uses the periodic inventory system. Details regarding the inventory of Appliances at January 1, purchases invoices during the year, and the inventory count at December 31 are summarized as follows:
Purchases invoice
Model Inventory Jan 1 1st 2nd 3rd Inventory Count Dec. 31
C55 3 at $1,040 3 at $1,054 3 at $1,060 3 at $1,070 4
D11 9 at 639 7 at 645 6 at 666 6 at 675 11
F32 5 at 240 3 at 260 1 at 260 1 at 280 2
H29 6 at 305 3 at 310 3 at 316 4 at 317 4
K47 6 at 520 8 at 531 4 at 549 6 at 542 8
S33 – 4 at 222 4 at 232 – 2
X74 4 at 35 6 at 36 8 at 37 7 at 39 7
.instructions
1. Determine the cost of the inventory on December 31 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 December 31 by the last in, first out method, following the procedures indicated in (1)
3. Determine the cost of the inventory on December 31 by the weighted average cost method, following procedures from (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.
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