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:
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] |
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