- Home >
- Business Finance >
- I need help!! I am stuck on this question and I am not sure how to do it.. Please help!
I need help!! I am stuck on this question and I am not sure how to do it.. Please help!
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 Sold | Cost of Ending Inventory | |
1. FIFO | $ | $ |
2. LIFO | $ | $ |
3. Weighted-average | $ | $ |
4. Specific identification | $ | $ |
This question has not been answered.
Create a free account to get help with this and any other question!
Similar Content
Studypool values your privacy. Only questions posted as Public are visible on our website.
Brown University
1271 Tutors
California Institute of Technology
2131 Tutors
Carnegie Mellon University
982 Tutors
Columbia University
1256 Tutors
Dartmouth University
2113 Tutors
Emory University
2279 Tutors
Harvard University
599 Tutors
Massachusetts Institute of Technology
2319 Tutors
New York University
1645 Tutors
Notre Dam University
1911 Tutors
Oklahoma University
2122 Tutors
Pennsylvania State University
932 Tutors
Princeton University
1211 Tutors
Stanford University
983 Tutors
University of California
1282 Tutors
Oxford University
123 Tutors
Yale University
2325 Tutors