Units Unit Price Total Cost $ 6,000 4,950 10,200 12,075 14,400 7,600 6,300 10,875 $72,400 $15.00 October 1, 20-1 October 18 November 25 Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase 400 300 16.50 600 17.00 January 12, 20-2 March 17 700 17.25 800 18.00 June 2 August 21 September 27 400 19.00 300 21.00 500 21.75 4,000 50 are from October 18, 20-1 300 are from January 12, 20-2 100 are from March 17 200 are from June 2 50 are from August 21 200 are from September 27 1st purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase
Units Unit Price Total Cost $ 6,000 4,950 10,200 12,075 14,400 7,600 6,300 10,875 $72,400 $15.00 October 1, 20-1 October 18 November 25 Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase 400 300 16.50 600 17.00 January 12, 20-2 March 17 700 17.25 800 18.00 June 2 August 21 September 27 400 19.00 300 21.00 500 21.75 4,000 50 are from October 18, 20-1 300 are from January 12, 20-2 100 are from March 17 200 are from June 2 50 are from August 21 200 are from September 27 1st purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
SPECIFIC IDENTIFICATION, FIFO, LIFO, AND WEIGHTED-AVERAGE Boyce Company’s beginning inventory and purchases during the fiscal year ended September 30,20-2,were as follows:
Use the following information is for the specific identification method.
There are 900 units of inventory on hand on september 30,20-2 of these
900 units.
REQUIRED
Calculate the total amount to be assignment to the 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.
Transcribed Image Text:Units
Unit Price Total Cost
$ 6,000
4,950
10,200
12,075
14,400
7,600
6,300
10,875
$72,400
$15.00
October 1, 20-1
October 18
November 25
Beginning inventory
1st purchase
2nd purchase
3rd purchase
4th purchase
5th purchase
6th purchase
7th purchase
400
300
16.50
600
17.00
January 12, 20-2
March 17
700
17.25
800
18.00
June 2
August 21
September 27
400
19.00
300
21.00
500
21.75
4,000
Transcribed Image Text:50 are from October 18, 20-1
300 are from January 12, 20-2
100 are from March 17
200 are from June 2
50 are from August 21
200 are from September 27
1st purchase
3rd purchase
4th purchase
5th purchase
6th purchase
7th purchase
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