In: Accounting
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 | $ | $ |
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 |