Problem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)

[The following information applies to the questions displayed below.] Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system.

Date	Transactions	Units	Unit Cost	Total Cost
October 1	Beginning inventory	6	$810	$4,860
October 4	Sale	4
October 10	Purchase	5	820	4,100
October 13	Sale	3
October 20	Purchase	4	830	3,320
October 28	Sale	7
October 30	Purchase	7	840	5,880
				$18,160

Problem 6-1A (Algo) Part 1

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.