Textbook Problem

SPECIFIC IDENTIFICATION, FIFO, LIFO, AND WEIGHTED-AVERAGE Boyce Company’s beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows:

Use the following information for the specific identification method.

There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units:

REQUIRED

Calculate the total amount to be assigned to the 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:

1. 1. FIFO
2. 2. LIFO
3. 3. Weighted-average (round calculations to two decimal places)
4. 4. Specific identification