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 430 $19.5 $8,385 October 18 1st purchase 520 20 10,400 November 25 2nd purchase 220 21 4,620 January 12, 20-2 3rd purchase 310 22 6,820 March 17 4th purchase 910 23.5 21,385 June 2 5th purchase 820 24 19,680 August 21 6th purchase 200 24.5 4,900 September 27 7th purchase 690 25.5 17,595 4,100 $93,785 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	430	$19.5		$8,385
October 18	1st purchase	520	20		10,400
November 25	2nd purchase	220	21		4,620
January 12, 20-2	3rd purchase	310	22		6,820
March 17	4th purchase	910	23.5		21,385
June 2	5th purchase	820	24		19,680
August 21	6th purchase	200	24.5		4,900
September 27	7th purchase	690	25.5		17,595
		4,100			$93,785

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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