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. Unit Total Units Price Cost October 1, Beginning 400 $15.00 $6,000 20-1 inventory October 18 1st purchase 300 16.50 4,950 November 2nd purchase 600 17.00 10,200 25 January 12, 3rd purchase 700 17.25 12,075 20-2 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 7th purchase 500 21.75 10,875 27 4,000 $72,400 Use the following information for the specific identification method.

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. Unit Total Units Price Cost October 1, Beginning 400 $15.00 $6,000 20-1 inventory October 18 1st purchase 300 16.50 4,950 November 2nd purchase 600 17.00 10,200 25 January 12, 3rd purchase 700 17.25 12,075 20-2 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 7th purchase 500 21.75 10,875 27 4,000 $72,400 Use the following information for the specific identification method.

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Description: еВookPrint ItemSpecific Identification, FIFO, LIFO, and Weighted-AverageBoyce Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, are shown.UnitTotalUnitsPriceCostOctober 1,Beginning400 $15.00$6,00020-1invent

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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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