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:
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:
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. 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 |
$ |
$ |