90.2K

Verified Solution

Link Copied!

5777 [The following information applies to the questions displayed below.) Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Cost per Unit $840 Total Cost $ 5,040 October 1 Beginning inventory Sale October 4 October 10 Purchase 850 4,250 October 13 October 20 Sale Purchase 860 3,440 October 28 October 30 Sale Purchase 870 6,090 $18,820 1. Required Information value: 10.00 points Required: 1. 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. Required: 1. 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 eBook & Resources References Learning Objective: 06- Determine the cost of goods sold and ending inventory ubing different inventory Difficulty: 3 Hard Worksheet cost methods. Check my work 2. value Required 10.00 points information 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold References eBook & Resources Worksheet Learning Objective: 06-03 Determine the cost of goods Sold and ending inventory using different inventory Cost methods. Difficulty: 3 Hard Check my work value: Required information 10.00 points 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Ending inventory Cost of goods sold 4

Answer & Explanation Solved by verified expert

See Answer