### 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. | Date | Transactions | Units | Cost per Unit | Total Cost | |--------------|--------------------|-------|---------------|------------| | October 1 | Beginning Inventory| 6 | $770 | $4,620 | | October 4 | Sale | 4 | | | | October 10 | Purchase | 5 | $780 | $3,900 | | October 13 | Sale | 3 | | | | October 20 | Purchase | 4 | $790 | $3,160 | | October 28 | Sale | 7 | | | | October 30 | Purchase | 7 | $800 | $5,600 | **Total Costs**: $17,280 --- #### 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. | | | |-------------------|-----------------| | Ending Inventory | | | Cost of Goods Sold| | --- For educational purposes, this information illustrates how to track inventory and sales using a periodic inventory system, specifically applying the First-In, First-Out (FIFO) method for calculating ending inventory and cost of goods sold.
### 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. | Date | Transactions | Units | Cost per Unit | Total Cost | |--------------|--------------------|-------|---------------|------------| | October 1 | Beginning Inventory| 6 | $770 | $4,620 | | October 4 | Sale | 4 | | | | October 10 | Purchase | 5 | $780 | $3,900 | | October 13 | Sale | 3 | | | | October 20 | Purchase | 4 | $790 | $3,160 | | October 28 | Sale | 7 | | | | October 30 | Purchase | 7 | $800 | $5,600 | **Total Costs**: $17,280 --- #### 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. | | | |-------------------|-----------------| | Ending Inventory | | | Cost of Goods Sold| | --- For educational purposes, this information illustrates how to track inventory and sales using a periodic inventory system, specifically applying the First-In, First-Out (FIFO) method for calculating ending inventory and cost of goods sold.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:### 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.
| Date | Transactions | Units | Cost per Unit | Total Cost |
|--------------|--------------------|-------|---------------|------------|
| October 1 | Beginning Inventory| 6 | $770 | $4,620 |
| October 4 | Sale | 4 | | |
| October 10 | Purchase | 5 | $780 | $3,900 |
| October 13 | Sale | 3 | | |
| October 20 | Purchase | 4 | $790 | $3,160 |
| October 28 | Sale | 7 | | |
| October 30 | Purchase | 7 | $800 | $5,600 |
**Total Costs**: $17,280
---
#### 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
| | |
|-------------------|-----------------|
| Ending Inventory | |
| Cost of Goods Sold| |
---
For educational purposes, this information illustrates how to track inventory and sales using a periodic inventory system, specifically applying the First-In, First-Out (FIFO) method for calculating ending inventory and cost of goods sold.
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