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

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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] 

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