Reference no: EM131109666
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 |
|
|
|
$ |
|
Record the following transactions for the current year
: On August 1, Clayton Co. issued $1,300,000 of 20-year, 9% bonds, dated August 1, for $1,225,000. Interest is payable semiannually on February 1 and August 1. Present the entries to record the following transactions for the current year.
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|
Direct materials and direct labor variances
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: (a) Calculate the annual depreciation charge using the straight-line method and the reducing balance method. Assume that an annual rate of 40% is applicable for the reducing balance method.
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|
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