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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 Price Total Cost October 1, 20-1 Beginning inventory 390 $20.50 $7,995 October 18 1st purchase 520 21.00 10,920 November 25 2nd purchase 200 22.00 4,400 January 12, 20-2 3rd purchase 320 22.50 7,200 March 17 4th purchase 890 24.00 21,360 June 2 5th purchase 770 24.50 18,865 August 21 6th purchase 200 25.00 5,000 September 27 7th purchase 660 26.00 17,160 3,950 $92,900
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 $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 (round calculations to two decimal places) $fill in the blank 5 $fill in the blank 6 4. Specific identification $fill in the blank 7 $fill in the blank 8
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 | 390 | $20.50 | $7,995 | |
| October 18 | 1st purchase | 520 | 21.00 | 10,920 | |
| November 25 | 2nd purchase | 200 | 22.00 | 4,400 | |
| January 12, 20-2 | 3rd purchase | 320 | 22.50 | 7,200 | |
| March 17 | 4th purchase | 890 | 24.00 | 21,360 | |
| June 2 | 5th purchase | 770 | 24.50 | 18,865 | |
| August 21 | 6th purchase | 200 | 25.00 | 5,000 | |
| September 27 | 7th purchase | 660 | 26.00 | 17,160 | |
| 3,950 | $92,900 |
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 | $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 (round calculations to two decimal places) | $fill in the blank 5 | $fill in the blank 6 |
| 4. Specific identification | $fill in the blank 7 | $fill in the blank 8 |
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