Question: 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
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 430 $19 $8,170 October 18 1st purchase 490 19.5 9,555 November 25 2nd purchase 200 20.5 4,100 January 12, 20-2 3rd purchase 330 21 6,930 March 17 4th purchase 920 22.5 20,700 June 2 5th purchase 790 23 18,170 August 21 6th purchase 200 24 4,800 September 27 7th purchase 680 25 17,000 4,040 $89,425 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 2 200 are from August 21 5th purchase 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. 1. FIFO 2. LIFO 3. Weighted-average 4. Specific identification Cost of Goods Sold x Cost of Ending Inventory
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