Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were...
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Accounting
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 400 $20,00 $8,000 October 18purchase530 20.50 10,865 November 25 2nd purchase20021.504,300 January 12, 20-23rd purchase32022.00 7,040 March 17 4th purchase 870 23.00 20,010 June 2 purchase 78023.5018,330 August 216th purchase 200 24.00 4,800 September 27 7th purchase 67025.0016,750 3,970$90,095
Use the following information for the specific identification method.
There are 1,300 units of inventory on hand on September 30 , 20-2Of these 1,300 units: 100 are from October 18, 20-1 purchase purchase 200 are from January 12, 20-2 4th purchase 100 are from March 17 5th purchase 400 are from June 2 6th purchase 200 are from August 21 7th purchase 300 are from September 27
Calculate the total amount be assigned to cost of goods sold for the fiscal year ended September 30, 20-2and ending inventory on September 30, 20-2, under each of the following inventory methods
Cost of Goods Sold. Cost of Ending Inventory Sold FIFO
LIFO
Weighted-average (round to two places)
specific identification
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