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.Units6.Unit Cost$900DateTransactionsTotal Cost$ 5,400October 1October 4October 10October 13October 20October 28Beginning inventorySalePurchaseSalePurchaseSalePurchase49104,55049203,6806,510$20,140October 30930Required:1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 saleconsists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses fromthe October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from theOctober 20 purchase.X Answer is complete but not entirely correct.Ending inventory$2$6,510 XCost of goods sold12,730

Specific Identification Method: Each item sold and each item remaining in the inventory is…

Answered: O Answer is complete but not entirely…

Business

Accounting

O Answer is complete but not entirely correct. Ending inventory 6,510 X Cost of goods sold $ 12,730

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PA: The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month...

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i 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 October 13 Purchase Sale October 20 4. 06 Purchase 3,160 October 28 Sale 7. October 30 008 00' Purchase $17,280 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold .*****
Required information [The following information applies to the questions displayed below.] Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system. Date Transactions October 1 Beginning inventory October 4 Sale October 10 Purchase October 13 Sale October 20 Purchase October 28 October 30 Sale Purchase Units 6 Unit Cost Total Cost $810 $4,860 4 5 820 4,100 3 4 830 3,320 7 7 840 5,880 $18,160 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. Answer is complete but not entirely correct. Ending inventory $ 6,720 Cost of…