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 $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:
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