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	400	$20.50		$8,200
October 18	1st purchase	520	21.00		10,920
November 25	2nd purchase	220	22.00		4,840
January 12, 20-2	3rd purchase	320	23.00		7,360
March 17	4th purchase	870	24.00		20,880
June 2	5th purchase	850	24.50		20,825
August 21	6th purchase	200	25.00		5,000
September 27	7th purchase	710	26.00		18,460
		4,090			$96,485

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.

	Cost of Goods Sold	Cost of Ending Inventory
1. FIFO	$fill in the blank 1	$fill in the blank 2
2. LIFO	$fill in the blank 3	$fill in the blank 4
3. Weighted-average (round calculations to two decimal places)	$fill in the blank 5	$fill in the blank 6
4. Specific identification	$fill in the blank 7	$fill in the blank 8

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