! Required information Part 1 of 4 Problem 6-1A Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) [The following information applies to the questions displayed below.] 2 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. points Total Cost Transactions Units Unit Cost Date Beginning inventory Sale $ 4,260 October 710 1 6 October 4 4 еВook October 10 Purchase 3,600 720 October 13 Sale October 20 Purchase 4 730 2,920 Sale Purchase October 28 7 Print October 30 7 740 5,180 $15,960 References Problem 6-1A Part 1 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 10 ! Required information Part 2 of 4 Problem 6-1A Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) [The following information applies to the questions displayed below.] 2 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. polnts Units Unit Cost Transactions Total Cost Date October Beginning inventory Sale Purchase 710 4,260 1 6 October 4 4 еВook October 10 3,600 720 October 13 October 20 Sale Purchase 2,920 4 730 October 28 Sale 7 Print October 30 Purchase 740 5,180 7 $15,960 References Problem 6-1A Part 2 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31 Ending inventory Cost of goods sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Problem 6-1A Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)

[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	Unit Cost	Total Cost
October	1		Beginning inventory	6		$	710	$	4,260
October	4		Sale	4
October	10		Purchase	5			720		3,600
October	13		Sale	3
October	20		Purchase	4			730		2,920
October	28		Sale	7
October	30		Purchase	7			740		5,180
								$	15,960

Problem 6-1A Part 2

2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
and FIFO ad LIFO and weighted measure method

!
Required information
Part 1 of 4
Problem 6-1A Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)
[The following information applies to the questions displayed below.]
2
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.
points
Total Cost
Transactions
Units
Unit Cost
Date
Beginning inventory
Sale
$ 4,260
October
710
1
6
October 4
4
еВook
October 10
Purchase
3,600
720
October 13
Sale
October 20
Purchase
4
730
2,920
Sale
Purchase
October 28
7
Print
October 30
7
740
5,180
$15,960
References
Problem 6-1A Part 1
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

10
!
Required information
Part 2 of 4
Problem 6-1A Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)
[The following information applies to the questions displayed below.]
2
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.
polnts
Units
Unit Cost
Transactions
Total Cost
Date
October
Beginning inventory
Sale
Purchase
710
4,260
1
6
October
4
4
еВook
October 10
3,600
720
October 13
October 20
Sale
Purchase
2,920
4
730
October 28
Sale
7
Print
October 30
Purchase
740
5,180
7
$15,960
References
Problem 6-1A Part 2
2. Using FIFO, calculate ending inventory and cost of goods sold at October 31
Ending inventory
Cost of goods sold

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 5 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions