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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 $20.50 $9,225 October 18 1st purchase 510 21.00 10,710 November 25 2nd purchase 190 22.00 4,180 January 12, 20-2 3rd purchase 330 22.50 7,425 March 17 4th purchase 870 24.00 20,880 June 2 5th purchase 790 24.50 19,355 August 21 6th purchase 200 25.00 5,000 September 27 7th purchase 680 26.00 17,680 4,020 $94,455 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, 20-2 100 are from March 17 400 are from June 2 1st purchase 3rd purchase 4th purchase 5th purchase 27 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, 20-2 100 are from March 17 400 are from June 21 200 are from August 21 300 are from September 27 1st purchase 3rd purchase 4th purchase. 5th purchase 6th purchase 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. 1. FIFO 2. LIFO 3. Weighted-average (round calculations to two decimal places) 4. Specific identification Cost of Goods Sold Cost of Ending Inventory
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