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 follows: Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $20 $8,000 October 18 1st purchase 540 20.5 11,070 November 25 2nd purchase 200 21.5 4,300 January 12, 20-2 3rd purchase 300 23 6,900 March 17 4th purchase 890 24 21,360 June 2 5th purchase 780 24.5 19,110 August 21 6th purchase 200 25.5 5,100 September 27 7th purchase 660 26.5 17,490 3,970 $93,330 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. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar. Cost of Goods Sold Cost of Ending Inventory 1. FIFO $ $ 2. LIFO $ $ 3. Weighted-average $ $ 4. Specific identification $ $

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 follows:

		Units	Unit Price	Total Cost
October 1, 20-1	Beginning inventory	400	$20		$8,000
October 18	1st purchase	540	20.5		11,070
November 25	2nd purchase	200	21.5		4,300
January 12, 20-2	3rd purchase	300	23		6,900
March 17	4th purchase	890	24		21,360
June 2	5th purchase	780	24.5		19,110
August 21	6th purchase	200	25.5		5,100
September 27	7th purchase	660	26.5		17,490
		3,970			$93,330

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. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar.

	Cost of Goods Sold	Cost of Ending Inventory
1. FIFO	$	$
2. LIFO	$	$
3. Weighted-average	$	$
4. Specific identification	$	$

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