Reference no: EM131811223

Question - 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, 20-1Beginning inventory 400 $20 $8,000

October 18 1st purchase 540 20.5 11,070

November 25 2nd purchase 190 21.5 4,085

January 12, 20-2 3rd purchase 330 23 7,590

March 17 4th purchase 890 24 21,360

June 2 5th purchase 830 24.5 20,335

August 21 6th purchase 200 25.5 5,100

September 27 7th purchase 730 26.5 19,345

4,110 $96,885

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- 1st purchase

200 are from January 12, 20-23 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.