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	400	$19.50	$	7,800
October 18	1st purchase	510	20.00		10,200
November 25	2nd purchase	210	21.00		4,410
January 12, 20-2	3rd purchase	310	22.50		6,975
March 17	4th purchase	890	23.50		20,915
June 2	5th purchase	830	24.00		19,920
August 21	6th purchase	200	25.50		5,100
September 27	7th purchase	700	26.50		18,550
		4,050		$	93,870

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	$	$
2. LIFO	$	$
3. Weighted-average	$	$
4. Specific identification	$	$