[The following information applies to the questions displayed below.] Sara's Boutique has the following transactions...
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[The following information applies to the questions displayed below.] Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system.
Date
Transactions
Units
Unit Cost
Total Cost
October 1
Beginning inventory
6
$730
$4,380
October 4
Sale
4
October 10
Purchase
5
740
3,700
October 13
Sale
3
October 20
Purchase
4
750
3,000
October 28
Sale
7
October 30
Purchase
8
760
6,080
$17,160
Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.
ending inventory?
cost of goods sold?
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