SPECIFIC IDENTIFICATION, FIFO, LIFO, AND WEIGHTED-AVERAGESwing Company's beginning inventory and purchases during the fiscalyear ended September 30, 20-2, were as follows: Beginning inventory Units Unit price total cost October 1, 20-1October 18November 25January 12, 20-2March 17June 2August 21September 27 Beginning inventory1st purchase2nd purchase3rd purchase4th purchase5th purchase6th purchase7th purchase 400500200300900800200700 $20.0020.5021.5023.024.5025.0026.027.00 $ 8,00010,2504,3006,90022,05020,0005,20018,900 4,000 $95,600 Use the following information for the specific identification method.There are 1,300 units of inventory on hand on September 30, 20-2. Ofthese 1,300 units: 100 are from October 18, 20-1200 are from January 12, 20-2100 are from March 17400 are from June 2200 are from August 21300 are from September 27 1st purchase3rd purchase4th purchase5th purchase6th purchase7th purchase REQUIREDCalculate the total amount to be assigned to cost of goods sold for thefiscal year ended September 30, 20-2, and ending inventory onSeptember 30, 20-2, under each of the following periodic inventorymethods: 1. FIFO2. LIFO3. Weighted-average (round calculations to two decimal places)4. Specific identification

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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:

	Beginning inventory	Units	Unit price	total cost
October 1, 20-1 October 18 November 25 January 12, 20-2 March 17 June 2 August 21 September 27	Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase	400 500 200 300 900 800 200 700	$20.00 20.50 21.50 23.0 24.50 25.00 26.0 27.00	$ 8,000 10,250 4,300 6,900 22,050 20,000 5,200 18,900
		4,000		$95,600

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
200 are from January 12, 20-2
100 are from March 17
400 are from June 2
200 are from August 21
300 are from September 27

1st purchase
3rd purchase
4th purchase
5th purchase
6th purchase
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:

1. FIFO
2. LIFO
3. Weighted-average (round calculations to two decimal places)
4. Specific identification

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