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
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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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There are 1,300 units of inventory on
hand on September 30, 20-2. Of these
1,300 units:
1st purchase
3rd purchase
4th purchase
5th purchase
6th purchase
7th purchase
100 are from October 18, 20-1
200 are from January 12, 20-2
100 are from March 17
400 are from June 2
200 are from August 21
300 are from September 27
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:
Transcribed Image Text:There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 1st purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase 100 are from October 18, 20-1 200 are from January 12, 20-2 100 are from March 17 400 are from June 2 200 are from August 21 300 are from September 27 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:
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
5th purchase
6th purchase
7th purchase
400
October 18
500
20.50
10,250
November 25
200
21.50
4,300
January 12, 20-2
300
23.00
6,900
22,050
20,000
5,200
March 17
900
24.50
June 2
August 21
September 27
800
25.00
200
26.00
700
18,900
$95,600
27.00
4,000
Use the following information for the
specific identification method.
Transcribed Image Text: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 5th purchase 6th purchase 7th purchase 400 October 18 500 20.50 10,250 November 25 200 21.50 4,300 January 12, 20-2 300 23.00 6,900 22,050 20,000 5,200 March 17 900 24.50 June 2 August 21 September 27 800 25.00 200 26.00 700 18,900 $95,600 27.00 4,000 Use the following information for the specific identification method.
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