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 Unit Cost Total Cost October 1 Beginning inventory 6 $ 790 $ 4,740 October 4 Sale 4 October 10 Purchase 5 800 4,000 October 13 Sale 3 October 20 Purchase 4 810 3,240 October 28 Sale 7 October 30 Purchase 8 820 6,560 $ 18,540 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. 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 Unit Cost Total Cost October 1 Beginning inventory 6 $ 790 $ 4,740 October 4 Sale 4 October 10 Purchase 5 800 4,000 October 13 Sale 3 October 20 Purchase 4 810 3,240 October 28 Sale 7 October 30 Purchase 8 820 6,560 $ 18,540 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate and final answers to 2 decimal places.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

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	Unit Cost	Total Cost
October	1		Beginning inventory	6		$	790	$	4,740
October	4		Sale	4
October	10		Purchase	5			800		4,000
October	13		Sale	3
October	20		Purchase	4			810		3,240
October	28		Sale	7
October	30		Purchase	8			820		6,560
								$	18,540

3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.

Required information

Date		Transactions	Units	Unit Cost	Total Cost
October	1		Beginning inventory	6		$	790	$	4,740
October	4		Sale	4
October	10		Purchase	5			800		4,000
October	13		Sale	3
October	20		Purchase	4			810		3,240
October	28		Sale	7
October	30		Purchase	8			820		6,560
								$	18,540

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

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 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