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Lillie's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Date Transactions Units Unit Cost Total Cost
Lillie's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory from a Sept 25 purchase October 4 Sale October 10 Purchase October 13 Sale October 20 Purchase October 28 Sale October 30 Purchase 6453477 6 $840 $5,040 5 850 4,250 860 3,440 7 7 870 6,090 $18,820 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. 2. Calculate ending inventory and cost of goods sold at October 31 using the FIFO periodic inventory method. 3. Calculate ending inventory and cost of goods sold at October 31 using the LIFO perpetual method 4. Calculate the ending inventory and cost of goods sold at October 31 using the average periodic method.
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