[The following information applies to the questions displayed below) 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. Cost per Unit $750 Total Cost $4,500 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 6 760 3,800 770 3,080 780 4,680 $16,060 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. Ending inventory Cost of goods sold References eBook & Resources Worksheet Difficulty: 3 Hard Learning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods Check my work Required information 2 . 10.00 points 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31 Ending inventory Cost of goods sold 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31 Ending inventory Cost of goods sold References eBook & Resources Worksheet Difficulty: 3 Hard Learning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods Check my work value 10.00 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.) Ending inventory Cost of goods sold The following information applies to the questions displayed below! Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March Greg's Bicycle Shop uses a periodic inventory system. Cost per Unit $245 Total Cost $ 4,900 265 2,650 Date Transactions March 1 Beginning Inventory March 5 Sale ($390 each March 9 Purchase March 17 Sale ($440 each) March 22 Purchase March 27 Sale ($465 each) March 30 Purchase Units 20 15 10 8 10 12. 8 275 2,750 295 2.360 $ 12,660 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method The March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase Ending inventory Cost of goods sold $ $ 3,685 8,975 References eBook & Resources Worksheet Learning Objective: 06-05 Record inventory transactions using a perpetual inventory system Learning Objective. 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods Difficulty: 3 Hard Learning Objective: 06-04 Explain the financial statement effects and tax effects of inventory cost methods Check my work 0) Required information 10.00 points 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold Required information Value 10.00 points 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31 Ending inventory Cost of goods sold References eBook & Resources Worksheet Learning Objective 06-05 Record inventory transactions using a perpetual inventory system Learning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods Difficulty: 3 Hard Learning Objective 06-04 Explain the financial statement effects and tax effects of inventory cost methods Check my work Required information 00 10.00 points 4. Using weighted average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate and final answers to 2 decimal places.) Ending inventory Cost of goods sold value 10.00 points 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted average cost amounts to 2 decimal places.) Specific Identification FIFO LIFO Weighted average cost Sales revenue Gross profit References eBook & Resources Worksheet Learning Objective 06-03 Learning Objective 06-05 Record inventory Determine the cost of transactions using a perpetual inventory system goods sold and ending inventory using different inventory cost methods Difficulty: 3 Hard Learning Objective: 06-04 Explain the financial statement effects and tax effects of inventory cost methods Check my work 10. Required information 10.00 points 6. Comparing FIFO and LIFO which one provides the more meaningful measure of ending inventory? FIFO UFO