Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

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 $860 $ 5,160

October 4 Sale 4

October 10 Purchase5 870$ 4,350

October 13 Sale 3

October 20 Purchase 4 880 $ 3,520

October 28 Sale 7

October 30 Purchase 6 890$5,340

____________________________________________

$18,370

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

Ending inventory:

Cost Of good sold:

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

Ending inventory:

Cost of Good Sold:

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.)

Ending inventory:

Cost of Good Sold:

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Financial and Managerial Accounting

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

5th edition

9780133851281, 013385129x, 9780134077321, 133866297, 133851281, 9780133851298, 134077326, 978-0133866292

Students also viewed these Accounting questions