RECOMMENDED!!ACC 1020-Specific Identification, FIFO, LIFO, and Weighted-Average

  

Specific Identification, FIFO, LIFO, and Weighted-AverageSwing Company’s beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows:Units Unit Price Total CostOctober 1, 20-1Beginning inventory 400 $20 $8,000October 18 1st purchase 540 20.5 11,070November 25 2nd purchase 190 21.5 4,085January 12, 20-2 3rd purchase 330 23 7,590March 17 4th purchase 890 24 21,360June 2 5th purchase 830 24.5 20,335August 21 6th purchase 200 25.5 5,100September 27 7th purchase 730 26.5 19,3454,110 $96,885Use 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- 1st purchase200 are from January 12, 20-23 3rd purchase100 are from March 17 4th purchase400 are from June 2 5th purchase200 are from August 21 6th purchase300 are from September 27 7th purchaseRequired: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 Inventory1.FIFO $ _____ $____2. LIFO $ _____ $______3. Weighted-average $ ____ $_____4. Specific identification $ _____ $______