Question:
Hamilton Company s beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows:
Units Unit Price Total Cost
Oct 1, 20-1 Beginning inventory 300 $20.00 $ 6,000
October 18 First purchase 500 21.50 10,750
November 25 2nd purchase 400 22.00 8,800
January 12, 20-2 3rd purchase 800 23.00 18,400
March 17 4th purchase 900 23.50 21,150
June 2 5th purchase 600 24.00 14,400
August 21 6th purchase 500 25.00 12,500
September 27 7th purchase 400 25.75 10,300
4,400 $ 102,300
Use the following information for the specific identification method.
There are 1,000 units of inventory on hand on September 30, 20-2. Of these 1,000 units:
100 are from October 18, 20-1 .. 1st purchase
300 are from January 12, 20-2 .. 3rd purchase
100 are from March 17 . 4th purchase
200 are from June 2 .. 5th purchase
100 are from August 21 6th purchase
200 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 Sold Ending Inventory
1. FIFO
2. LIFO
3. Weighted-average (round calculations to two decimal places)
4. Specific identification