Question: Boyce 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

Boyce 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 October 18 November 25 January 12, 20-2 Beginning inventory 1st purchase 2nd


Use the following information for the specific identification method.
There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units:
50 are from October 18, 20-1 ... 1st purchase
300 are from January 12, 20-2 .... 3rd purchase
100 are from March 17 ...... 4th purchase
200 are from June 2 ........ 5th purchase
50 are from August 21 ....... 6th purchase
200 are from September 27 ...... 7th purchase
REQUIRED
Calculate the total amount to be assigned 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. Specificidentification

Units Unit Price Total Cost October 1, 20-1 October 18 November 25 January 12, 20-2 Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase $ 6,000 4,950 $15.00 16.50 17.00 17.25 400 300 600 10,200 12,075 700 800 March 17 18.00 19.00 21.00 21.75 14,400 7,600 6,300 June 2 400 6th purchase 7th purchase August 21 September 27 300 500 4,000 10,875 $72,400

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1 FIFO Inventory Method Date Cost of Goods Sold Cost of Ending Inventory 201 202 Units Unit Price Total Units Unit Price Total Oct 1 Beg inv 400 1500 ... View full answer

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