739572 1 swing-company
DESCRIPTION
Inventory CalculationsTRANSCRIPT
Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows:UnitsUnit PriceTotal Cost
October 1, 20-1Beginning inventory450$20.00$9,000
October 181st purchase49020.5010,045
November 252nd purchase23021.504,945
January 12, 20-23rd purchase30023.507,050
March 174th purchase87024.5021,315
June 25th purchase81025.0020,250
August 216th purchase20025.505,100
September 277th purchase70026.5018,550
4,050$96,255
Use the following information for the specific identification method.There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units:100 are from October 18, 20-11st purchase
200 are from January 12, 20-23rd purchase
100 are from March 174th purchase
400 are from June 25th purchase
200 are from August 216th purchase
300 are from September 277th purchase
Required: Calculate the total amount to be assigned to cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2, under each of the following periodic inventory methods. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar.Cost of Goods SoldCost of Ending Inventory
1. FIFO$ $
2. LIFO$ $
3. Weighted-average$ $
4. Specific identification$ $