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Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, are shown. Unit Total Units Price Cost October 1, Beginning 400 $15.00 $6,000 20-1 inventory October 18 1st purchase 300 16.50 4,950 November 2nd purchase 600 17.00 10,200 25 January 12, 3rd purchase 700 17.25 12,075 20-2 March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 7th purchase 500 21.75 10,875 27 4,000 $72,400 Use the following information for the specific identification method.

Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, are shown. Unit Total Units Price Cost October 1, Beginning 400 $15.00 $6,000 20-1 inventory October 18 1st purchase 300 16.50 4,950 November 2nd purchase 600 17.00 10,200 25 January 12, 3rd purchase 700 17.25 12,075 20-2 March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 7th purchase 500 21.75 10,875 27 4,000 $72,400 Use the following information for the specific identification method.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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еВook Print Item Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, are shown. Unit Total Units Price Cost October 1, Beginning 400 $15.00 $6,000 20-1 inventory October 18 1st purchase 300 16.50 4,950 November 2nd purchase 600 17.00 10,200 25 January 12, 3rd purchase 700 17.25 12,075 20-2 March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 7th purchase 500 21.75 10,875 27 4,000 $72,400 Use the following information for the specific identification method.
Transcribed Image Text:еВook Print Item Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, are shown. Unit Total Units Price Cost October 1, Beginning 400 $15.00 $6,000 20-1 inventory October 18 1st purchase 300 16.50 4,950 November 2nd purchase 600 17.00 10,200 25 January 12, 3rd purchase 700 17.25 12,075 20-2 March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 7th purchase 500 21.75 10,875 27 4,000 $72,400 Use the following information for the specific identification method.
еВook Print Item 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: 50 are from October 18, 20-1 1st purchase 300 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 200 are from June 2 5th purchase 50 are from August 21 6th purchase 200 are from September 27 7th purchase 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. Cost of Goods Cost of Ending Sold Inventory 1. FIFO 2. LIFO 3. Weighted- average 4. Specific identification %24 %24
Transcribed Image Text:еВook Print Item 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: 50 are from October 18, 20-1 1st purchase 300 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 200 are from June 2 5th purchase 50 are from August 21 6th purchase 200 are from September 27 7th purchase 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. Cost of Goods Cost of Ending Sold Inventory 1. FIFO 2. LIFO 3. Weighted- average 4. Specific identification %24 %24
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