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| v2.cengagenow.com/iltrytakeAssignmenttakeAssignmentMain.do?invoker-assignmentsktakeA ssignmentSessionLocator-assignment-take8inprogress tor assignment-take&inprogress; m odule 1 Problems eBook 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: Calculator Guided Algo Guided Algo Guided Algo Units Unit Price Total Cost October 1, 20-1 October 18 November 25 January 12, 20-2 March 17 June 2 August 21 September 27 Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase 420 $20$8,400 11,070 4,085 7,130 24 22,080 830 24.5 20,335 5,100 710 26.5 18,815 97,015 540 20.5 21.5 310 920 200 25,5 4,120 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 st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 400 are from June 2 200 are from August 21 300 are from September 27 7th purchase 4th purchase 5th purchase 6th purchase Previous Next Check My Work 1 more Check My Work uses remaining

Explanation / Answer

Calculate cost of goods sold and ending inventory :

Cost of goods sold Cost of ending inventory FIFO (97015-33470) = 63545 (710*26.5+200*25.5+390*24.5) = 33470 LIFO (97015-27005) = 70010 (420*20+540*20.50+190*21.50+150*23) = 27005 Weighted average (97015-30612) = 66403 (97015/4120*1300) = 30612 Specific identification (97015-31900) = 65115 (100*20.5+200*23+100*24+400*24.50+200*25.50+300*26.50) = 31900

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