I need help!! I am stuck on this question and I am not sure how to do it.. Please help!

SoccerBoss
Category:
Accounting
Price: $15 USD

Question description

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:

[img src="http://sjc.cengagenow.com/ilrn/books/hpca21h/images/ch13/hpca_21h_ch13_ex13_6a-01.JPG">

There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units:

[img src="http://sjc.cengagenow.com/ilrn/books/hpca21h/images/ch13/hpca_21h_ch13_ex13_6a-02.JPG">

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 SoldCost of Ending Inventory
1.  FIFO$$
2.  LIFO$$
3.  Weighted-average$$
4.  Specific identification$$


Tutor Answer

(Top Tutor) Daniel C.
(997)
School: Duke University
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