Specific Identification, FIFO, LIFO, and Weighted-Average
Swing Company's beginning inventory and purchases during thefiscal year ended September 30, 20-2, were as shown.
| | Units | Unit Price | Total Cost |
|---|
| October 1, 20-1 | Beginning inventory | 410 | $20.00 | | $8,200 |
| October 18 | 1st purchase | 540 | 20.50 | | 11,070 |
| November 25 | 2nd purchase | 190 | 21.50 | | 4,085 |
| January 12, 20-2 | 3rd purchase | 300 | 22.50 | | 6,750 |
| March 17 | 4th purchase | 880 | 23.50 | | 20,680 |
| June 2 | 5th purchase | 830 | 24.00 | | 19,920 |
| August 21 | 6th purchase | 200 | 25.00 | | 5,000 |
| September 27 | 7th purchase | 710 | 26.00 | | 18,460 |
| | 4,060 | | | $94,165 |
Use the following information for the specific identificationmethod.
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 soldfor the fiscal year ended September 30, 20-2, and ending inventoryon September 30, 20-2, under each of the following periodicinventory methods.
| Cost of Goods Sold | Cost of Ending Inventory |
| 1. FIFO | $ | $ |
| 2. LIFO | $ | $ |
| 3. Weighted-average (round calculations to twodecimal places) | $ | $ |
| 4. Specific identification | $ | $ |
