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	400	$20		$8,000
October 18	1st purchase	510	20.5		10,455
November 25	2nd purchase	200	21.5		4,300
January 12, 20-2	3rd purchase	350	23		8,050
March 17	4th purchase	880	24		21,120
June 2	5th purchase	850	24.5		20,825
August 21	6th purchase	200	25.5		5,100
September 27	7th purchase	730	26.5		19,345
		4,120			$97,195

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.

	Cost of Goods Sold	Cost of Ending Inventory
1. FIFO
2. LIFO
3. Weighted-average
4. Specific identification