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 440 $19.5 $8,580 October 18 1st purchase 530 20 10,600 November 25 2nd purchase 230 21 4,830 January 12, 20-2 3rd purchase 310 22 6,820 March 17 4th purchase 900 23.5 21,150 June 2 5th purchase 770 24 18,480 August 21 6th purchase 200 25 5,000 September 27 7th purchase 720 26 18,720 4,100 $94,180

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 $ $

Gross Profit Method

A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20--. Fortunately, the accounting records were not destroyed in the fire. The following information is provided by Glisan Lumber Yard for the time period January 1 through August 5:

Beginning inventory, January 1, 20-- $101,000 Net purchases, January 1 through August 5 408,000 Net sales, January 1 through August 5 720,000 Normal gross profit as a percentage of sales 45%

Required:

Estimate the amount of merchandise inventory destroyed in the fire on August 5 using the gross profit method.

$___________________

Retail Inventory Method

The following information is provided by Raynette's Pharmacy for the last quarter of its fiscal year ending on March 31, 20--:

Cost Retail Inventory, start of period, January 1, 20-- $32,500 $53,000 Net purchases during the period 186,920 265,000 Net sales for the period 256,300

Required:

1.Estimate the ending inventory as of March 31 using the retail inventory method.

$

2.Estimate the cost of goods sold for the time period January 1 through March 31 using the retail inventory method.

$