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 shown. Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $20.50 $8,200 October 18 1st purchase 520 21.00 10,920 November 25 2nd purchase 220 22.00 4,840 January 12, 20-2 3rd purchase 320 23.00 7,360 March 17 4th purchase 870 24.00 20,880 June 2 5th purchase 850 24.50 20,825 August 21 6th purchase 200 25.00 5,000 September 27 7th purchase 710 26.00 18,460 4,090 $96,485 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.

Cost of Goods Sold Cost of Ending Inventory 1. FIFO $fill in the blank 1 $fill in the blank 2 2. LIFO $fill in the blank 3 $fill in the blank 4 3. Weighted-average (round calculations to two decimal places) $fill in the blank 5 $fill in the blank 6 4. Specific identification $fill in the blank 7 $fill in the blank 8