Accounting Problems on Specific Identification, FIFO, LIFO, and Weighted-Average
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Section name: APA2121 - 09
Assignment name: Week 1 - Graded Assignment
Take Details
Assignment score: 44.17%
Total Time spent: 22 hours, 55 minutes, 48 seconds
Score for selected take: 44.17% (11.04/25)
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Question:
hpca21h/2Problem 13-06A 2Problem 13-06A
partiallyCorrect 1. 5.21 partiallyCorrect 2. 5.83 incorrect 3. 0.00 incorrect 4. 0.00
Wrong
"Check My Work" Clicked: 3 Times
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Problem 13-6A
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 $ $
2. LIFO $ $
3. Weighted-average $ $
4. Specific identification $ $
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FIFO, LIFO, weighted-average, and specific identification are varying methods of determining the cost of an item when it is removed from inventory for sale. The choice of method also impacts the total value of the items remaining in inventory.
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View Assignment Results?. Get help with this page.
Return to the Previous Page
Section name: APA2121 - 09
Assignment name: Week 1 - Graded Assignment
Take Details
Assignment score: 44.17%
Total Time spent: 22 hours, 55 minutes, 48 seconds
Score for selected take: 44.17% (11.04/25)
View printable version
Question:
hpca21h/2Problem 13-06A 2Problem 13-06A
partiallyCorrect 1. 5.21 partiallyCorrect 2. 5.83 incorrect 3. 0.00 incorrect 4. 0.00
Wrong
"Check My Work" Clicked: 3 Times
Hint(s) Check My Work
eBookeBook
Problem 13-6A
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 $ $
2. LIFO $ $
3. Weighted-average $ $
4. Specific identification $ $
Hide Feedback
Incorrect
Check My Work Feedback
FIFO, LIFO, weighted-average, and specific identification are varying methods of determining the cost of an item when it is removed from inventory for sale. The choice of method also impacts the total value of the items remaining in inventory.
Post Submission Feedback