Question
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 |
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 | $ | $ |
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