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 Beginning inventory 430 $19.5   $8,385 October 18 1st purchase 520 20   10,400 November 25 2nd purchase 220 21   4,620 January 12, 20-2 3rd purchase 310 22   6,820 March 17 4th purchase 910 23.5   21,385 June 2 5th purchase 820 24   19,680 August 21 6th purchase 200 24.5   4,900 September 27 7th purchase 690 25.5   17,595     4,100     $93,785 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: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300 are from September 27 7th purchase 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. 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 1.  FIFO $ $ 2.  LIFO $ $ 3.  Weighted-average $ $ 4.  Specific identification $

Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,500   $79.00   $592,500   10   Purchase 22,500   89.00   2,002,500   28   Sale 11,250   158.00   1,777,500   30   Sale 3,750   158.00   592,500   Feb. 5   Sale 1,500   158.00   237,000   10   Purchase 54,000   91.50   4,941,000   16   Sale 27,000   168.00   4,536,000   28   Sale 25,500   168.00   4,284,000   Mar. 5   Purchase 45,000   93.50   4,207,500   14   Sale 30,000   168.00   5,040,000   25   Purchase 7,500   94.00   705,000   30   Sale 26,250   168.00   4,410,000   Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round…

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $3,800 $49,400 Aug. 7 Purchase 19 units at $3,900 74,100 Dec. 11 Purchase 13 units at $4,100 53,300   45 units $176,800 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar).

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. Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $15.00 $6,000 October 18 1st purchase 300 16.50 4,950 November 25 2nd purchase 600 17.00 10,200 January 12, 20-2 3rd purchase 700 17.25 12,075 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 27 7th purchase 500 21.75 10,875 4,000 $72,400 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