Question
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 shown. 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 shown. Units Unit Price Total Cost October 1, 20-1 Beginning inventory 450 $19.50 $8,775 October 18 1st purchase 490 20.00 9,800 November 25 2nd purchase 190 21.00 3,990 January 12, 20-2 3rd purchase 320 22.50 7,200 March 17 4th purchase 920 23.50 21,620 June 2 5th purchase 800 24.00 19,200 August 21 6th purchase 200 24.50 4,900 September 27 7th purchase 730 25.50 18,615 4,100 $94,100 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 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. find answers for Costs of goods sold and cost of ending inventory 1. FIFO 2. LIFO 3. Weighted average (round calculations to two decimal places) 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