Hamilton company beginning inventory and purchases

Assignment Help Accounting Basics

Reference no: EM131103735

Hamilton Company s beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows:

Units Unit Price Total Cost

Oct 1, 20-1 Beginning inventory 300 $20.00 $ 6,000

October 18 First purchase 500 21.50 10,750

November 25 2nd purchase 400 22.00 8,800

January 12, 20-2 3rd purchase 800 23.00 18,400

March 17 4th purchase 900 23.50 21,150

June 2 5th purchase 600 24.00 14,400

August 21 6th purchase 500 25.00 12,500

September 27 7th purchase 400 25.75 10,300

4,400 $ 102,300

Use the following information for the specific identification method.

There are 1,000 units of inventory on hand on September 30, 20-2. Of these 1,000 units:

100 are from October 18, 20-1 .. 1st purchase

300 are from January 12, 20-2 .. 3rd purchase

100 are from March 17 . 4th purchase

200 are from June 2 .. 5th purchase

100 are from August 21 6th purchase

200 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:

Cost of Goods Sold Ending Inventory

1. FIFO

2. LIFO

3. Weighted-average (round calculations to two decimal places)

4. Specific identification

Reference no: EM131103735

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