Specific Identification, FIFO, LIFO, and Weighted-AverageSwing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as shown. UnitsUnit PriceTotal CostOctober 1, 20-1Beginning inventory390$20.50 $7,995October 181st purchase52021.00 10,920November 252nd purchase20022.00 4,400January 12, 20-23rd purchase32022.50 7,200March 174th purchase89024.00 21,360June 25th purchase77024.50 18,865August 216th purchase20025.00 5,000September 277th purchase66026.00 17,160 3,950 $92,900 Use the following information for the specific identification method.There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units:100 are from October 18, 20-11st purchase200 are from January 12, 20-23rd purchase100 are from March 174th purchase400 are from June 25th purchase200 are from August 216th purchase300 are from September 277th purchaseRequired:Calculate the total amount to be assigned to cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2, under each of the following periodic inventory methods. Cost of Goods SoldCost of Ending Inventory1. FIFO$fill in the blank 1$fill in the blank 22. LIFO$fill in the blank 3$fill in the blank 43. Weighted-average (round calculations to two decimal places)$fill in the blank 5$fill in the blank 64. Specific identification$fill in the blank 7$fill in the blank 8

Name: Specific Identification, FIFO, LIFO, and Weighted-AverageSwing Company
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Description: Specific Identification, FIFO, LIFO, and Weighted-AverageSwing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as shown. UnitsUnit PriceTotal CostOctober 1, 20-1Beginning inventory390$20.50 $7,995

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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	390	$20.50		$7,995
October 18	1st purchase	520	21.00		10,920
November 25	2nd purchase	200	22.00		4,400
January 12, 20-2	3rd purchase	320	22.50		7,200
March 17	4th purchase	890	24.00		21,360
June 2	5th purchase	770	24.50		18,865
August 21	6th purchase	200	25.00		5,000
September 27	7th purchase	660	26.00		17,160
		3,950			$92,900

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.

	Cost of Goods Sold	Cost of Ending Inventory
1. FIFO	$fill in the blank 1	$fill in the blank 2
2. LIFO	$fill in the blank 3	$fill in the blank 4
3. Weighted-average (round calculations to two decimal places)	$fill in the blank 5	$fill in the blank 6
4. Specific identification	$fill in the blank 7	$fill in the blank 8

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