Problem 6-1A Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) [The following information applies to the questions displayed below) Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October Sandra's Purse Boutique uses a periodic inventory system. Total Cost Date October 1 Transactions Units Unit Cost Beginning inventory 6 $890 $ 5,340 October 4 Sale 4 October 10 Purchase S 900 4,500 October 13 October 20 October 28 October 30 Sale 3 Purchase Sale 4 910 3,640 Purchase 6 920 5,520 $19,000 Problem 6-1A 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. Ending inventory Cost of goods sold Date Transactions. Units October 1 Beginning inventory 6 Unit Cost $890 Total Cost $ 5,340 October 4 Sale 4 October 10 Purchase 5 900 4,500 October 13 Sale October 20 Purchase 910 3,640 October 28 Sale October 30 Purchase 920 5,520 $19,000 Problem 6-1A Part 2 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold