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)

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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
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
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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