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 450 $20.50 $9,225 October 18 1st purchase 510 21.00 10,710 November 25 2nd purchase 230 22.00 5,060 January 12, 20-2 3rd purchase 310 23.50 7,285 March 17 4th purchase 900 25.00 22,500 June 2 5th purchase 810 25.50 20,655 August 21 6th purchase 200 26.50 5,300 September 27 7th purchase 660 27.50 18,150 4,070 $98,885 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 2. LIFO 3. Weighted-average (round calculations to two decimal places) 4. Specific identification

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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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	450	$20.50		$9,225
October 18	1st purchase	510	21.00		10,710
November 25	2nd purchase	230	22.00		5,060
January 12, 20-2	3rd purchase	310	23.50		7,285
March 17	4th purchase	900	25.00		22,500
June 2	5th purchase	810	25.50		20,655
August 21	6th purchase	200	26.50		5,300
September 27	7th purchase	660	27.50		18,150
		4,070			$98,885

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

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