Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 $20.00 $8,000 October 18 1st purchase 500 20.50 10,250 November 25 2nd purchase 200 21.50 4,300 January 12, 20-2 3rd purchase 300 23.00 6,900 March 17 4th purchase 900 24.50 22,050 June 2 5th purchase 800 25.00 20,000 August 21 6th purchase 200 26.00 5,200 September 27 7th purchase 700 27.00 18,900 4,000 $95,600

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 $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

15th edition

1259404781, 007802563X, 978-1259404788, 9780078025631, 978-0077522940

Students also viewed these Accounting questions