Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribedimage text in transcribed

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ACCA Approved Study Text P7 Advanced Audit And Assurance

Authors: BPP

1st Edition

1472744349, 978-1472744340

More Books

Students also viewed these Accounting questions

Question

8. Explain the contact hypothesis.

Answered: 1 week ago

Question

7. Identify four antecedents that influence intercultural contact.

Answered: 1 week ago