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

As you have asked multiple sub-parts we can solve only first three for you Please repost other part to be solved in next time with full details of question and specify the no. question to be solved.Inventory valuations is technique which is used to record revenues and expenses of inventory it is not a minor issue because the accounting method used to create a valuation has a direct bearing on the amount of expenses charged to the cost of goods sold in an accounting period and therefore on the amount of income earned.(1) Periodic FIFO Method :- Total units sold =Available units for sale - Ending InventoryTotal units sold =3950 - 1300Total units sold =2650 Units PurchasesUnitsprice per unittotal amountOct-01 Beginnig inventory 390 20.50 7,995.00Oct-181st purchase520 21.00 10,920.00Nov-252nd purchase200 22.00 4,400.00Jan-123rd purchase320 22.50 7,200.00Mar-174th purchase890 24.00 21,360.00Jun-025th purchase770 24.50 18,865.00Aug-216th purchase200 25.00 5,000.00Sep-277th purchase660 26.00 17,160.00Total3950 92,900.00Cost of goods sold by FIFO :-Cost of goods soldUnitsprice per unittotal amountOct-01 Beginning inventory 390 20.50 7,995.00Oct-181st purchase520 21.00 10,920.00Nov-252nd purchase200 22.00 4,400.00Jan-123rd purchase320 22.50 7,200.00Mar-174th purchase890 24.00 21,360.00Jun-025th purchase 330 24.50 8,085.00Total 2,650 $ 59,960.00Ending Inventory by FIFO :-Ending InvnetoryUnitsprice per unittotal amountJun-025th purchase440 24.50 10,780.00Aug-216th purchase200 25.00 5,000.00Sep-277th purchase660 26.00 17,160.00 1,300 32,940.00Answer-2Periodic LIFO Method Total units sold =Available units for sale - Ending InventoryTotal units sold =3950 - 1300Total units sold =2650 Units Cost of goods soldEnding InventoryUnitsprice per unittotal amountUnitsprice per unittotal amountSep-277th purchase660 26.00 17,160.00Oct-01 Beginner inventory 390 20.50 7,995.00Aug-216th purchase200 25.00 5,000.00Oct-181st purchase520 21.00 10,920.00Jun-025th purchase770 24.50 18,865.00Nov-252nd purchase200 22.00 4,400.00Mar-174th purchase890 24.00 21,360.00Jan-123rd purchase190 22.50 4,275.00Jan-123rd purchase130 22.50 2,925.00 2,650 65,310.00 1,110 23,315.00Answer-3Periodic Weighted-Average Method:- PurchasesUnitsprice per unittotal amountOct-01 Beginner inventory 390 20.50 7,995.00Oct-181st purchase520 21.00 10,920.00Nov-252nd purchase200 22.00 4,400.00Jan-123rd purchase320 22.50 7,200.00Mar-174th purchase890 24.00 21,360.00Jun-025th purchase770 24.50 18,865.00Aug-216th purchase200 25.00 5,000.00Sep-277th purchase660 26.00 17,160.00Total3950 $92,900.00 Total units sold =Available units for sale - Ending InventoryTotal units sold =3950 - 1300Total units sold =2650 UnitsAverage cost = Total Cost / Total number of units availableAverage cost = $ 92,900/3950unitsAverage cost = $23.52 per unit.COGS = 2650 units * $ 23.52COGS = $62,328Ending Inventory = 1300 units * $ 23.52Ending Inventory = $30,576Cost of goods soldEnding Inventory1. FIFO Method $ 59,960.00$ 32,940.002. LIFO Method$65,310.00$23,315.003. Weighted-Average Method$62,328.00$30,576.00

Answered: Specific Identification, FIFO, LIFO,…

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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