Required informationSkip to question [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. DateTransactionsUnitsUnit CostTotal CostOctober 1Beginning inventory6$810$4,860October 4Sale4 October 10Purchase58204,100October 13Sale3 October 20Purchase48303,320October 28Sale7 October 30Purchase78405,880 $18,160 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)

The objective of the question is to calculate the ending inventory and cost of goods sold (COGS) for…

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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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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	Units	Unit Cost	Total Cost
October 1	Beginning inventory	6	$810	$4,860
October 4	Sale	4
October 10	Purchase	5	820	4,100
October 13	Sale	3
October 20	Purchase	4	830	3,320
October 28	Sale	7
October 30	Purchase	7	840	5,880
				$18,160

4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)

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