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: Units Unit Price Total Cost October 1, 20-1 $20.00 $ 8,000 Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5 th purchase 6th purchase 7th purchase 400 October 18 500 20.50 10,250 November 25 200 21.50 4,300 January 12, 20-2 6,900 22,050 20,000 5,200 300 23.00 March 17 900 24.50 June 2 August 21 September 27 800 25.00 200 26.00 700 27.00 18,900 $95,600 4,000
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: Units Unit Price Total Cost October 1, 20-1 $20.00 $ 8,000 Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5 th purchase 6th purchase 7th purchase 400 October 18 500 20.50 10,250 November 25 200 21.50 4,300 January 12, 20-2 6,900 22,050 20,000 5,200 300 23.00 March 17 900 24.50 June 2 August 21 September 27 800 25.00 200 26.00 700 27.00 18,900 $95,600 4,000
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 10MC: When the double-extension approach to the dollar-value LIFO inventory cost flow method is used, the...
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