Specific identification, fifo, lifo, and weighted-average swing

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:

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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]