Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $19.50 $7,800 October 18 1st purchase 490 20.00 9,800 November 25 2nd purchase 220 21.00 4,620 January 12, 20-2 3rd purchase 340...


Units Unit Price Total Cost<br>October 1, 20-1<br>Beginning inventory<br>400<br>$19.50<br>$7,800<br>October 18<br>1st purchase<br>490<br>20.00<br>9,800<br>November 25<br>2nd purchase<br>220<br>21.00<br>4,620<br>January 12, 20-2 3rd purchase<br>340<br>22.50<br>7,650<br>March 17<br>4th purchase<br>890<br>24.00<br>21,360<br>June 2<br>5th purchase<br>850<br>24.50<br>20,825<br>August 21<br>6th purchase<br>200<br>25.50<br>5,100<br>September 27<br>7th purchase<br>670<br>26.50<br>17,755<br>4,060<br>$94,910<br>Use the following information for the specific identification method.<br>There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units:<br>100 are from October 18, 20-1<br>1st purchase<br>200 are from January 12, 20-2<br>3rd purchase<br>100 are from March 17<br>4th purchase<br>400 are from June 2<br>5th purchase<br>200 are from August 21<br>6th purchase<br>300 are from September 27<br>7th purchase<br>Required:<br>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.<br>Cost of Goods<br>Cost of Ending<br>Sold<br>Inventory<br>1. FIFO<br>2. LIFO<br>%$4<br>3. Weighted-average (round calculations to two<br>$<br>decimal places)<br>4. Specific identification<br>

Extracted text: Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $19.50 $7,800 October 18 1st purchase 490 20.00 9,800 November 25 2nd purchase 220 21.00 4,620 January 12, 20-2 3rd purchase 340 22.50 7,650 March 17 4th purchase 890 24.00 21,360 June 2 5th purchase 850 24.50 20,825 August 21 6th purchase 200 25.50 5,100 September 27 7th purchase 670 26.50 17,755 4,060 $94,910 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: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300 are from September 27 7th purchase 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. Cost of Goods Cost of Ending Sold Inventory 1. FIFO 2. LIFO %$4 3. Weighted-average (round calculations to two $ decimal places) 4. Specific identification

Jun 10, 2022
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