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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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.
Units
6.
Unit Cost
$900
Date
Transactions
Total Cost
$ 5,400
October 1
October 4
October 10
October 13
October 20
October 28
Beginning inventory
Sale
Purchase
Sale
Purchase
Sale
Purchase
4
910
4,550
4
920
3,680
6,510
$20,140
October 30
930
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.
X Answer is complete but not entirely correct.
Ending inventory
$
2$
6,510 X
Cost of goods sold
12,730

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