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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 Pric Total Cost 410 $19.00 $7,790 530 19.50 210 20.50 320 21.00 October 1, 20-1 Beginning inventory October 18 1st purchase November 25 2nd purchase January 12, 20-2 3rd purchase March 17 4th purchase June 2 5th purchase August 21 6th purchase September 27 7th purchase 900 22.00 10,335 4,305 6,720 19,800 18,675 4,600 17,520 $89,745 830 22.50 200 23.00 730 24.00 4,130 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 Cost of Ending Sold Inventory 1. FIFO 2. LIFO 3. Weighted average (round calculations to two decimal places) DI 4. Specific identification
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