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.