Sandra’s Purse Boutique has the following transactions relatedto 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 | Total Cost |
| October 1 | Beginning inventory | 6 | $870 | $ 5,220 |
| October 4 | Sale | 4 | | |
| October 10 | Purchase | 5 | 880 | 4,400 |
| October 13 | Sale | 3 | | |
| October 20 | Purchase | 4 | 890 | 3,560 |
| October 28 | Sale | 7 | | |
| October 30 | Purchase | 7 | 900 | 6,300 |
| | | | |
| | | | $19,480 |
| | | | |
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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.
Ending Inventory=
Cost of Goods Sold=
2. Using FIFO, calculate ending inventory andcost of goods sold at October 31.
Ending Inventory=
Cost of Goods Sold=
3. Using LIFO, calculate ending inventory andcost of goods sold at October 31.
Ending Inventory=
Cost of Goods Sold=
4. Using weighted-average cost, calculateending inventory and cost of goods sold at October 31. (Donot round intermediate calculations. Round your final answers to 2decimal places.)
Ending Inventory=
Cost of Goods Sold=
