Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows: Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $19 $7,600 October 18 1st purchase 490 19.5 9,555 November 25 2nd purchase 190 20.5 3,895 January 12, 20-2 3rd purchase 310 21 6,510 March 17 4th purchase 890 22.5 20,025 June 2 5th purchase 770 23 17,710 August 21 6th purchase 200 24 4,800 September 27 7th purchase 710 25 17,750 3,960 $87,845 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. Fon the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar. Cost of Goods Sold Cost of Ending Inventory 1. FIFO 2. LIFO 3. Weighted-average 4. Specific identification
Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows: Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $19 $7,600 October 18 1st purchase 490 19.5 9,555 November 25 2nd purchase 190 20.5 3,895 January 12, 20-2 3rd purchase 310 21 6,510 March 17 4th purchase 890 22.5 20,025 June 2 5th purchase 770 23 17,710 August 21 6th purchase 200 24 4,800 September 27 7th purchase 710 25 17,750 3,960 $87,845 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. Fon the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar. Cost of Goods Sold Cost of Ending Inventory 1. FIFO 2. LIFO 3. Weighted-average 4. Specific identification
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...
Related questions
Topic Video
Question
Transcribed Image Text:X CengageNOWv2 | Online teachin X
N2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocato... Q
Not syncing
田
eBook
E Print Item
Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows:
Units Unit Price Total Cost
October 1, 20-1
Beginning inventory
1st purchase
2nd purchase
400
$19
$7,600
October 18
490
19.5
9,555
November 25
190
20.5
3,895
January 12, 20-2 Brd purchase
310
21
6,510
March 17
4th purchase
Sth purchase
6th purchase
7th purchase
890
22.5
20,025
June 2
770
23
17,710
August 21
200
24
4,800
September 27
710
25
17,750
3,960
$87,845
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
Brd purchase
100 are from March 17
4th purchase
400 are from June 2
5th purchase
200 are from August 21
6th purchase
300 агe 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 off the following periodic inventory methods, For thei
weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollan.
Cost of Goods Sold
Cost of Ending Inventory
1. FIFO
2. LIFO
3. Weighted-average
4. Specific identification
Check My Work
Nex
Email Instructon
Save and Exit
Submit AssignIment for G
自
%23
1:52 PM
4/12/202
立
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 5 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning