Specific Identification, FIFO, LIFO, and Weighted-AverageSwing Company's beginning inventory and purchases during thefiscal year...Specific...

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Accounting

Specific Identification, FIFO, LIFO, and Weighted-Average
Swing Company's beginning inventory and purchases during thefiscal year ended September 30, 20-2, were as shown.
Units Unit Price Total Cost
October 1, 20-1 Beginning inventory 400 $20.00    $8,000
October 18 1st purchase 530 20.50    10,865
November 25 2nd purchase 190 21.50    4,085
January 12, 20-2 3rd purchase 350 23.00    8,050
March 17 4th purchase 890 24.00    21,360
June 2 5th purchase 840 24.50    20,580
August 21 6th purchase 200 25.50    5,100
September 27 7th purchase 680 26.50    18,020
4,080 $96,060
Use the following information for the specific identificationmethod.
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 soldfor the fiscal year ended September 30, 20-2, and ending inventoryon September 30, 20-2, under each of the following periodicinventory methods.
Cost of Goods Sold Cost of Ending Inventory
1. FIFO $ $
2. LIFO $ $
3. Weighted-average (round calculations to twodecimal places) $ $
4. Specific identification $ $

		Units	Unit Price	Total Cost
October 1, 20-1	Beginning inventory	400	$20.00		$8,000
October 18	1st purchase	530	20.50		10,865
November 25	2nd purchase	190	21.50		4,085
January 12, 20-2	3rd purchase	350	23.00		8,050
March 17	4th purchase	890	24.00		21,360
June 2	5th purchase	840	24.50		20,580
August 21	6th purchase	200	25.50		5,100
September 27	7th purchase	680	26.50		18,020
		4,080			$96,060

Answer & Explanation Solved by verified expert

3.9 Ratings (615 Votes)

Total Cost of Inventory purchased 96060 Units in Closing Inventory 1300 units FIFO Cost of Ending Inventory 680 units from 7th purchase 2650 200 units from 6th purchase 2550 420 u nits from 5th purchase 2450 Cost of Ending Inventory 680 See Answer

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In: AccountingSpecific Identification, FIFO, LIFO, and Weighted-AverageSwing Company's beginning inventory and purchases during thefiscal year...Specific Identification, FIFO, LIFO, and Weighted-AverageSwing Company's beginning inventory and purchases during thefiscal year ended September 30, 20-2, were as shown.UnitsUnit PriceTotal CostOctober 1, 20-1Beginning inventory400$20.00 $8,000October 181st purchase53020.50 10,865November 252nd purchase19021.50 4,085January 12, 20-23rd purchase35023.00 8,050March 174th purchase89024.00 21,360June 25th purchase84024.50 20,580August 216th purchase20025.50 5,100September 277th purchase68026.50 18,0204,080$96,060Use the following information for the specific identificationmethod.There are 1,300 units of inventory on hand on September 30,20-2. Of these 1,300 units:100 are from October 18, 20-11st purchase200 are from January 12, 20-23rd purchase100 are from March 174th purchase400 are from June 25th purchase200 are from August 216th purchase300 are from September 277th purchaseRequired:Calculate the total amount to be assigned to cost of goods soldfor the fiscal year ended September 30, 20-2, and ending inventoryon September 30, 20-2, under each of the following periodicinventory methods.Cost of Goods SoldCost of Ending Inventory1. FIFO$$2. LIFO$$3. Weighted-average (round calculations to twodecimal places)$$4. Specific identification$$

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

	Cost of Goods Sold	Cost of Ending Inventory
1. FIFO	$	$
2. LIFO	$	$
3. Weighted-average (round calculations to twodecimal places)	$	$
4. Specific identification	$	$