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	420	$19.50		$8,190
October 18	1st purchase	540	20.00		10,800
November 25	2nd purchase	200	21.00		4,200
January 12, 20-2	3rd purchase	320	22.50		7,200
March 17	4th purchase	890	24.00		21,360
June 2	5th purchase	830	24.50		20,335
August 21	6th purchase	200	25.50		5,100
September 27	7th purchase	710	26.50		18,815
		4,110			$96,000

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 2. LIFO 0001 Odll $ 3. Weighted average (round calculations to two decimal places) 4. Specific identification S| $