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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 shown.
| Units | Unit Price | Total Cost | |||
|---|---|---|---|---|---|
| October 1, 20-1 | Beginning inventory | 390 | $19.00 | $7,410 | |
| October 18 | 1st purchase | 530 | 19.50 | 10,335 | |
| November 25 | 2nd purchase | 200 | 20.50 | 4,100 | |
| January 12, 20-2 | 3rd purchase | 320 | 21.00 | 6,720 | |
| March 17 | 4th purchase | 890 | 22.00 | 19,580 | |
| June 2 | 5th purchase | 810 | 22.50 | 18,225 | |
| August 21 | 6th purchase | 200 | 23.00 | 4,600 | |
| September 27 | 7th purchase | 660 | 24.00 | 15,840 | |
| 4,000 | $86,810 | ||||
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, 20-1 | 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 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 | Cost of Ending Inventory | |
| 1. FIFO | $ | $ |
| 2. LIFO | $ | $ |
| 3. Weighted-average (round calculations to two decimal places) | $ | $ |
| 4. Specific identification | $ | $ |
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can someone help me as soon as possible please Specific Identification, FIFO, LIFO, and Weighted Average...
can someone help me as soon as possible please
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