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

There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units.

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). Specific identification

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October 1, 20-1 October 18 November 25 January 12, 20-2 March 17 June 2 August 21 September 27 Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase Units 400 300 600 700 800 400 300 Unit Price $15.00 16.50 17.00 17.25 18.00 19.00 21.00 21.75 500 4,000 Use the following information for the specific identification method. Total Cost $ 6,000 4,950 10,200 12,075 14,400 7,600 6,300 10,875 $72,400 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 October 1, 20-1 October 18 November 25 January 12, 20-2 March 17 June 2 August 21 September 27 Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase Units 400 300 600 700 800 400 300 Unit Price $15.00 16.50 17.00 17.25 18.00 19.00 21.00 21.75 500 4,000 Use the following information for the specific identification method. Total Cost $ 6,000 4,950 10,200 12,075 14,400 7,600 6,300 10,875 $72,400 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

Answer rating: 100% (QA)

Solution Solution Cost of goods sold Cost of Ending inventory 1 FIFO 53325 19075 2 LIFO 58050 14350 ... View the full answer