Use the following information for the specific identification method. October 1, 20-1 October 18 November 25 January

Use the following information for the specific identification method.

 

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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 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, 20-1 200 are from January 12, 20-2 100 are from March 17 400 are from June 2 200 are from August 21 300 are from September 27 1. FIFO Units Unit Price Total Cost $20.00 $8,000 400 500 20.50 10,250 21.50 4,300 23.00 6,900 200 300 900 800 24.50 22,050 25.00 20,000 200 26.00 5,200 700 27.00 18,900 $95,600 4,000 2. LIFO 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. 3. Weighted-average (round calculations. to two decimal places) 4. Specific identification 1st purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase 10000 Cost of Goods Sold 64,235 X 10000 Cost of Ending Inventory $33,695 X 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 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, 20-1 200 are from January 12, 20-2 100 are from March 17 400 are from June 2 200 are from August 21 300 are from September 27 1. FIFO Units Unit Price Total Cost $20.00 $8,000 400 500 20.50 10,250 21.50 4,300 23.00 6,900 200 300 900 800 24.50 22,050 25.00 20,000 200 26.00 5,200 700 27.00 18,900 $95,600 4,000 2. LIFO 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. 3. Weighted-average (round calculations. to two decimal places) 4. Specific identification 1st purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase 10000 Cost of Goods Sold 64,235 X 10000 Cost of Ending Inventory $33,695 X

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1 Units available for sale 2 Cost of goods available for sale 3 Average cost per unit ... View the full answer