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	410	$20		$8,200
October 18	1st purchase	500	20.5		10,250
November 25	2nd purchase	220	21.5		4,730
January 12, 20-2	3rd purchase	310	23		7,130
March 17	4th purchase	910	24.5		22,295
June 2	5th purchase	800	25		20,000
August 21	6th purchase	200	26		5,200
September 27	7th purchase	730	27		19,710
		4,080			$97,515

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	$fill in the blank 1	$fill in the blank 2
2. LIFO	$fill in the blank 3	$fill in the blank 4
3. Weighted-average	$fill in the blank 5	$fill in the blank 6
4. Specific identification	$fill in the blank 7	$fill in the blank 8

FIFO, LIFO, weighted-average, and specific identification are varying methods of determining the cost of an item when it is removed from inventory for sale. The choice of method also impacts the total value of the items remaining in inventory.