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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 follows:

		Units	Unit Price	Total Cost
October 1, 20-1	Beginning inventory	400	$20		$8,000
October 18	1st purchase	510	20.5		10,455
November 25	2nd purchase	200	21.5		4,300
January 12, 20-2	3rd purchase	350	23		8,050
March 17	4th purchase	880	24		21,120
June 2	5th purchase	850	24.5		20,825
August 21	6th purchase	200	25.5		5,100
September 27	7th purchase	730	26.5		19,345
		4,120			$97,195

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. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar.

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