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, 20-1Beginning inventory 400 $20 $8,000

October 18 1st purchase 540 20.5 11,070

November 25 2nd purchase 190 21.5 4,085

January 12, 20-2 3rd purchase 330 23 7,590

March 17 4th purchase 890 24 21,360

June 2 5th purchase 830 24.5 20,335

August 21 6th purchase 200 25.5 5,100

September 27 7th purchase 730 26.5 19,345

4,110 $96,885

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- 1st purchase

200 are from January 12, 20-23 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

1. Required:
2. 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.

1. Cost of Goods Sold Cost of Ending Inventory

1.FIFO $ _____ $____

2.LIFO $ _____ $______

3.Weighted-average $ ____ $_____

4.Specific identification $ _____ $______