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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
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 | $ | 850 | $ | 5,100 | |||||||||
October | 4 | Sale | 4 | |||||||||||||
October | 10 | Purchase | 5 | 860 | 4,300 | |||||||||||
October | 13 | Sale | 3 | |||||||||||||
October | 20 | Purchase | 4 | 870 | 3,480 | |||||||||||
October | 28 | Sale | 7 | |||||||||||||
October | 30 | Purchase | 8 | 880 | 7,040 | |||||||||||
$ | 19,920 | |||||||||||||||
2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
Ending event-
cost of good sold-
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