Sandras Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October.

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.
2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31.

Q1) Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Excel Sheet name of Q1inventory" for solution. Unit Cost $900 Total Cost $ 5,400 Date October 1 October 4 October 10 October 13 October 20 October 28 October 30 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units 6 4 5 3 4 7 7 910 4,550 920 3,680 930 6,510 $20,140 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. 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. 4. Using weighted average cost, calculate ending inventory and cost of goods sold at October 31