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 430 $20.50 $8,815 October 18 1st purchase 490 21.00 10,290 November 25 2nd purchase 200 22.00 4,400 January 12, 20-2 3rd purchase 300 23.50 7,050 March 17 4th purchase 900 25.00 22,500 June 2 5th purchase 830 25.50 21,165 August 21 6th purchase 200 26.50 5,300 September 27 7th purchase 690 27.50 18,975 4,040 $98,495 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 Required: 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.

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

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	430	$20.50		$8,815
October 18	1st purchase	490	21.00		10,290
November 25	2nd purchase	200	22.00		4,400
January 12, 20-2	3rd purchase	300	23.50		7,050
March 17	4th purchase	900	25.00		22,500
June 2	5th purchase	830	25.50		21,165
August 21	6th purchase	200	26.50		5,300
September 27	7th purchase	690	27.50		18,975
		4,040			$98,495

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

Required:

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.

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