March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 27 7th purchase 500 21.75 10,875 4,000 $72,400 Use the following information for the specific identification method. There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units: 50 are from October 18, 20-1 1st purchase 300 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 200 are from June 2 5th purchase 50 are from August 21 6th purchase 200 are from September 27 7th purchase Required: Calculate the total amount to be assigned to the cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on Se each of the following periodic inventory methods. Cost of Goods Sold Cost of Ending Inventory 1. FIFO 2. LIFO $ 3. Weighted-average
March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 27 7th purchase 500 21.75 10,875 4,000 $72,400 Use the following information for the specific identification method. There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units: 50 are from October 18, 20-1 1st purchase 300 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 200 are from June 2 5th purchase 50 are from August 21 6th purchase 200 are from September 27 7th purchase Required: Calculate the total amount to be assigned to the cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on Se each of the following periodic inventory methods. Cost of Goods Sold Cost of Ending Inventory 1. FIFO 2. LIFO $ 3. Weighted-average
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 2PEA: Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual...
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Topic Video
Question
![March 17
4th purchase
800
18.00
14,400
June 2
5th purchase
400
19.00
7,600
August 21
6th purchase
300
21.00
6,300
September 27
7th purchase
500
21.75
10,875
4,000
$72,400
Use the following information for the specific identification method.
There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units:
50 are from October 18, 20-1
1st purchase
300 are from January 12, 20-2
3rd purchase
100 are from March 17
4th purchase
200 are from June 2
5th purchase
50 are from August 21
6th purchase
200 are from September 27
7th purchase
Required:
Calculate the total amount to be assigned to the cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2,
each of the following periodic inventory methods.
Cost of Goods Sold
Cost of Ending Inventory
1. FIFO
%$4
2. LIFO
3. Weighted-average
$
4. Specific identification](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8552db52-4a7d-476b-bba8-cd0aea4e0726%2Fd4a25f4e-dc98-4fc6-b7bd-761bbfd114cc%2F6x5r0u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:March 17
4th purchase
800
18.00
14,400
June 2
5th purchase
400
19.00
7,600
August 21
6th purchase
300
21.00
6,300
September 27
7th purchase
500
21.75
10,875
4,000
$72,400
Use the following information for the specific identification method.
There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units:
50 are from October 18, 20-1
1st purchase
300 are from January 12, 20-2
3rd purchase
100 are from March 17
4th purchase
200 are from June 2
5th purchase
50 are from August 21
6th purchase
200 are from September 27
7th purchase
Required:
Calculate the total amount to be assigned to the cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2,
each of the following periodic inventory methods.
Cost of Goods Sold
Cost of Ending Inventory
1. FIFO
%$4
2. LIFO
3. Weighted-average
$
4. Specific identification
![Specific Identification, FIFO, LIFO, and Weighted-Average
Boyce Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, are shown.
Units Unit Price Total Cost
October 1, 20-1
Beginning inventory
400
$15.00
$6,000
October 18
1st purchase
300
16.50
4,950
November 25
2nd purchase
600
17.00
10,200
January 12, 20-2 3rd purchase
700
17.25
12,075
March 17
4th purchase
800
18.00
14,400
June 2
5th purchase
400
19.00
7,600
August 21
6th purchase
300
21.00
6,300
September 27
7th purchase
500
21.75
10,875
4,000
$72,400
Use the following information for the specific identification method.
There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units:
50 are from October 18, 20-1
1st purchase
300 are from January 12, 20-2
3rd purchase
100 are from March 17
4th purchase
200 are from June 2
5th purchase
50 are from August 21
6th purchase
200 are from September 27
7th purchase](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8552db52-4a7d-476b-bba8-cd0aea4e0726%2Fd4a25f4e-dc98-4fc6-b7bd-761bbfd114cc%2Fddvh1tx_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Specific Identification, FIFO, LIFO, and Weighted-Average
Boyce Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, are shown.
Units Unit Price Total Cost
October 1, 20-1
Beginning inventory
400
$15.00
$6,000
October 18
1st purchase
300
16.50
4,950
November 25
2nd purchase
600
17.00
10,200
January 12, 20-2 3rd purchase
700
17.25
12,075
March 17
4th purchase
800
18.00
14,400
June 2
5th purchase
400
19.00
7,600
August 21
6th purchase
300
21.00
6,300
September 27
7th purchase
500
21.75
10,875
4,000
$72,400
Use the following information for the specific identification method.
There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units:
50 are from October 18, 20-1
1st purchase
300 are from January 12, 20-2
3rd purchase
100 are from March 17
4th purchase
200 are from June 2
5th purchase
50 are from August 21
6th purchase
200 are from September 27
7th purchase
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