Question
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
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.
Date | Transactions | Units | Cost per Unit | Total Cost |
October 1 | Beginning inventory | 6 | $770 | $ 4,620 |
October 4 | Sale | 4 |
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October 10 | Purchase | 5 | 780 | 3,900 |
October 13 | Sale | 3 |
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October 20 | Purchase | 4 | 790 | 3,160 |
October 28 | Sale | 7 |
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October 30 | Purchase | 7 | 800 | 5,600 |
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| $17,280 |
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a) Using FIFO, calculate cost of goods sold on October 31.
b) Using FIFO, calculate ending inventory on October 31.
c) Using LIFO, calculate cost of goods sold on October 31.
d) Using LIFO, calculate ending inventory on October 31
e) Calculate weighted-average cost per unit. (Round your answer to 2 decimal places.)
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