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	Cost per Unit	Total Cost
October 1	Beginning inventory	6	$750	$ 4,500
October 4	Sale	4
October 10	Purchase	5	760	3,800
October 13	Sale	3
October 20	Purchase	4	770	3,080
October 28	Sale	7
October 30	Purchase	6	780	4,680
				$16,060

1.

value: 7.69 points

Required information

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.

References

eBook & Resources

WorksheetDifficulty: 3 HardLearning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods.

Check my work

2.

value: 7.69 points

Required information

2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.

References

eBook & Resources

WorksheetDifficulty: 3 HardLearning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods.

Check my work

3.

value: 7.69 points

Required information

3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.

References

eBook & Resources

WorksheetDifficulty: 3 HardLearning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods.

Check my work

4.

value: 7.69 points

Required information

4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)