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P5-1A Sandra's Purse Boutique has the following transactions related to its upselling Gucci purse for the month of October Units Unit Cost Total Cost $
P5-1A Sandra's Purse Boutique has the following transactions related to its upselling Gucci purse for the month of October Units Unit Cost Total Cost $ 5.400 6 $900 Date October 1 October 4 October 10 October 13 October 20 October 28 October 30 Transactions Beginning inventory Sale Purchase Sale Purchase 910 4,550 5 3 4 7 7 920 3.680 Sale Purchase 930 6,510 $20.140 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 TO purchase and four purses from the October 20 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold af October 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. 4. Using weighted average cent, calculate ending inventory and cost of goods sold at October 31. NOTE: for Requirement #2, assume the company uses the periodic system. Additional Requirement: Using LIFO under the perpetual system, calculate ending inventory and cost of goods sold at October 31
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