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Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month...

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Accounting


Sandra’s Purse Boutique has the following transactions related toits top-selling Gucci purse for the month of October.Sandra's Purse Boutique uses a periodic inventory system.

  DateTransactionsUnitsCost per UnitTotal Cost
  October 1Beginning inventory6$760    $ 4,560     
  October 4Sale4
  October 10Purchase5770    3,850     
  October 13Sale3
  October 20Purchase4780    3,120     
  October 28Sale7
  October 30Purchase8790    6,320     
$17,850     

1. Calculate ending inventory and cost of goodssold at October 31, using the specific identification method. TheOctober 4 sale consists of purses from beginning inventory, theOctober 13 sale consists of one purse from beginning inventory andtwo purses from the October 10 purchase, and the October 28 saleconsists of three purses from the October 10 purchase and fourpurses from the October 20 purchase.

2. Using FIFO, calculate ending inventory andcost of goods sold at October 31.

3. Using LIFO, calculate ending inventory andcost of goods sold at October 31.
4. Using weighted-average cost, calculate endinginventory and cost of goods sold at October 31. (Do notround intermediate calculations. Round your final answers to 2decimal places.)

Answer & Explanation Solved by verified expert
3.8 Ratings (755 Votes)
Hi I have answered all parts of the question along with the calculation Hope this helps Answer Summary Inventory COGS Specific Sales 7080 10770 FIFO 7100 10750 LIFO 6870 10980 Weighted Avg 698478 1086522 Refer calculations below Date Transactions Units Cost per Unit Total Cost October 1 Beginning inventory 6 760 4560 October 4 Sale 4    See Answer
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