specific identification fifo lifo and weighted average swing companys beginning inventory 0

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:

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:

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	$[removed]	$[removed]
2.  LIFO	$[removed]	$[removed]
3.  Weighted-average	$[removed]	$[removed]
4.  Specific identification	$[removed]	$[removed]