4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Do not round intermedia calculations. Round your final answers to 2 decimal places.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
pee
Required information
[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
Date
Transactions
Units
Unit
Total Cost
$ 4,620
Beginning inventory
Sale
October 1
6.
October 4
4.
October 10
Purchase
780
5.
October 13
October 20
October 28
October 30
Sale
3.
Purchase
3,160
4.
Sale
Purchase
008
$17,280
4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Do not round intermediat
calculations. Round your final answers to 2 decimal places.)
Ending inventory
Cost of goods sold
Transcribed Image Text:pee Required information [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 Date Transactions Units Unit Total Cost $ 4,620 Beginning inventory Sale October 1 6. October 4 4. October 10 Purchase 780 5. October 13 October 20 October 28 October 30 Sale 3. Purchase 3,160 4. Sale Purchase 008 $17,280 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Do not round intermediat calculations. Round your final answers to 2 decimal places.) Ending inventory Cost of goods sold
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education