# Accounting Problems on Specific Identification, FIFO, LIFO, and Weighted-Average

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Accounting Problems on Specific Identification, FIFO, LIFO, and Weighted-Average
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Section name: APA2121 - 09
Assignment name: Week 1 - Graded Assignment
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hpca21h/2Problem 13-06A 2Problem 13-06A

partiallyCorrect 1. 5.21 partiallyCorrect 2. 5.83 incorrect 3. 0.00 incorrect 4. 0.00

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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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