eBook

Print Item

Question Content Area

Specific Identification, FIFO, LIFO, and Weighted-Average

Swing 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	Beginning inventory	390	$20.5		$7,995
October 18	1st purchase	530	21		11,130
November 25	2nd purchase	190	22		4,180
January 12, 20-2	3rd purchase	340	23		7,820
March 17	4th purchase	890	24.5		21,805
June 2	5th purchase	800	25		20,000
August 21	6th purchase	200	26		5,200
September 27	7th purchase	650	27		17,550
		3,990			$95,680

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. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar.