Question
Required information Skip to question [The following information applies to the questions displayed below.] Sandras Purse Boutique has the following transactions related to its top-selling
Required information
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[The following information applies to the questions displayed below.] Sandras 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.
| Date | Transactions | Units | Unit Cost | Total Cost | ||||||||||||
| October | 1 | Beginning inventory | 6 | $ | 700 | $ | 4,200 | |||||||||
| October | 4 | Sale | 4 | |||||||||||||
| October | 10 | Purchase | 5 | 710 | 3,550 | |||||||||||
| October | 13 | Sale | 3 | |||||||||||||
| October | 20 | Purchase | 4 | 720 | 2,880 | |||||||||||
| October | 28 | Sale | 7 | |||||||||||||
| October | 30 | Purchase | 8 | 730 | 5,840 | |||||||||||
| $ | 16,470 | |||||||||||||||
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.
Required information
Skip to question
[The following information applies to the questions displayed below.] Sandras 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.
| Date | Transactions | Units | Unit Cost | Total Cost | ||||||||||||
| October | 1 | Beginning inventory | 6 | $ | 700 | $ | 4,200 | |||||||||
| October | 4 | Sale | 4 | |||||||||||||
| October | 10 | Purchase | 5 | 710 | 3,550 | |||||||||||
| October | 13 | Sale | 3 | |||||||||||||
| October | 20 | Purchase | 4 | 720 | 2,880 | |||||||||||
| October | 28 | Sale | 7 | |||||||||||||
| October | 30 | Purchase | 8 | 730 | 5,840 | |||||||||||
| $ | 16,470 | |||||||||||||||
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.
what is the ending inventory?
what is cost of good sold?
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Thomas Calculus Early Transcendentals
Authors: Joel R Hass, Christopher E Heil, Maurice D Weir
13th Edition
9780321884077
