Question

Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows:


Use the following information for the specific identification method.
There arc 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units:
100 arc from October 18, 20-1 ........... 1st purchase
200 are from January 12, 20-2 ........... 3rd purchase
100 arc 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:
1. FIFO
2. LIFO
3. Weighted-average (round calculations to two decimal places)
4. Specificidentification


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  • CreatedJune 07, 2014
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