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

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Accounting

Sandra's PurseBoutique has the following transactions related to its top-sellingGucci purse for the month of October. Sandra's PurseBoutique uses a periodic inventory system.
  Date
Transactions
Units
Cost per Unit
Total Cost
  October1
Beginninginventory
6
$770
$ 4,620
  October4
Sale
4
  October10
Purchase
5
780
3,900
  October13
Sale
3
  October20
Purchase
4
790
3,160
  October28
Sale
7
  October30
Purchase
7
800
5,600
$17,280
a) Using FIFO,calculate cost of goods sold on October 31.
b) Using FIFO,calculate ending inventory on October 31.
c) Using LIFO,calculate cost of goods sold on October 31.
d) Using LIFO,calculate ending inventory on October 31
e) Calculateweighted-average cost per unit. (Round your answer to 2 decimalplaces.)

Answer & Explanation Solved by verified expert

3.9 Ratings (463 Votes)

a FIFO Method Cost of goods sold Units Rate Amount Sale from beginning inventory 6 770 4620 Sale from October 10th purchase 5 780 3900 Sale from October 20th purchase 3 790 2370 Cost of goods sold 14 10890 b FIFO Method Ending See Answer

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Date	Transactions	Units	Cost per Unit	Total Cost
October1	Beginninginventory	6	$770	$ 4,620
October4	Sale	4
October10	Purchase	5	780	3,900
October13	Sale	3
October20	Purchase	4	790	3,160
October28	Sale	7
October30	Purchase	7	800	5,600

				$17,280