Specific identification, fifo, lifo, and weighted-average swing
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 follows:
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:
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 Sold||Cost of Ending Inventory|
|4. Specific identification||$[removed]||$[removed]|