Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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, 20-1 410 $20 $8,200 Beginning inventory 1st purchase October 18 530 20.5 10,865 November 25 2nd purchase 230 21.5 4,945 January 12, 20-2 3rd purchase 330 22 7,260 March 17 4th purchase 900 23.5 21,150 June 2 5th purchase 850 24 20,400 August 21 6th purchase 200 25 5,000 September 27 7th purchase 650 26 16,900 4,100 $94,720 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 1st purchase 3rd purchase 4th purchase 5th purchase 100 are from March 17 400 are from June 2 6th purchase 200 are from August 21 300 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 $
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