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Specific Identification, FIFO, LIFO, and Weighted-Average Swing Company's beginning inventory and purchases during the fiscal year...

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 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 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 $ $

Solutions

Expert Solution

Swing Company
Periodic Inventory System Cost of goods sold Cost of Ending Inventory
FIFO                         60,955                                       33,210
LIFO                         67,210                                       26,955
Weighted Average                   64,013.65                                 30,151.35
Specific identification                         62,865                                       31,300

ekkarill92 answered 2 years ago
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