Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can you help me with the following two questions? It?s for an Accounting class Specific Identification, FIFO, LIFO, and Weighted-Average Swing Company's beginning inventory and
Can you help me with the following two questions? It?s for an Accounting class
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: 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: 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 $ $ 13-3: Assigning Cost to Inventory and Cost of Goods Sold Exercise 13-4A (Algorithmic) Ending Inventory Costs Sandy Chen owns a small specialty store, named Chen's Chattel, whose year-end is June 30. A physical inventory taken on June 30 reveals the following: Cost of merchandise on the showroom floor and in the warehouse Goods held on consignment (consignor is National Manufacturer) Goods that Chen's Chattel, as the consignor, has for sale at the location of the Grand Avenue Vista Sales invoices indicate that merchandise was shipped on June 29, terms FOB shipping point, delivered at buyer's receiving dock on July 3 Sales invoices indicate that merchandise was shipped on June 25, terms FOB destination, delivered at buyer receiving dock on July 5 Determine the total amount that should be included in Chen's Chattel's year-end inventory. $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started