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	$19.5		$8,385
October 18	1st purchase	530	20		10,600
November 25	2nd purchase	220	21		4,620
January 12, 20-2	3rd purchase	320	22.5		7,200
March 17	4th purchase	870	24		20,880
June 2	5th purchase	840	24.5		20,580
August 21	6th purchase	200	25		5,000
September 27	7th purchase	730	26		18,980
		4,140			$96,245

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	5th purchase
200 are from August 21	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.

	Cost of Goods Sold ----> Cost of Ending Inventory
1. FIFO	$	$
2. LIFO	$	$
3. Weighted-average	$	$
4. Specific identification	$	$