Calculate the total amount to be assigned to cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2, under each of the following periodic inventory methods. Cost of Goods Cost of Ending Sold Inventory 1. FIFO 2. LIFO $ 3. Weighted-average (round calculations to two decimal places)
Calculate the total amount to be assigned to cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2, under each of the following periodic inventory methods. Cost of Goods Cost of Ending Sold Inventory 1. FIFO 2. LIFO $ 3. Weighted-average (round calculations to two decimal places)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Specific Identification, FIFO, LIFO, and Weighted-Average
Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as shown.
| Units | Unit Price | Total Cost | |||
|---|---|---|---|---|---|
| October 1, 20-1 | Beginning inventory | 420 | $20.50 | $8,610 | |
| October 18 | 1st purchase | 510 | 21.00 | 10,710 | |
| November 25 | 2nd purchase | 220 | 22.00 | 4,840 | |
| January 12, 20-2 | 3rd purchase | 300 | 23.00 | 6,900 | |
| March 17 | 4th purchase | 880 | 24.50 | 21,560 | |
| June 2 | 5th purchase | 800 | 25.00 | 20,000 | |
| August 21 | 6th purchase | 200 | 26.00 | 5,200 | |
| September 27 | 7th purchase | 710 | 27.00 | 19,170 | |
| 4,040 | $96,990 |
Use the following information for the specific identification method.
There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units:
| 100 are from October 18, 20-1 | 1st purchase |
| 200 are from January 12, 20-2 | 3rd purchase |
| 100 are from March 17 | 4th purchase |
| 400 are from June 2 | 5th purchase |
| 200 are from August 21 | 6th purchase |
| 300 are from September 27 | 7th purchase |
Transcribed Image Text:Calculate the total amount to be assigned to cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on
September 30, 20-2, under each of the following periodic inventory methods.
Cost of Goods
Cost of Ending
Sold
Inventory
1. FIFO
2. LIFO
3. Weighted-average (round calculations to two
decimal places)
4. Specific identification
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