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.Total CostUnits6.4DateTransactionsUnit Cost$ 5,400October 1October 4October 10October 13October 20October 28October 30Beginning inventorySalePurchaseSalePurchaseSale$9009104,55049203,6807Purchase6,510$20,14079304. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate and finalanswers to 2 decimal places.)Ending inventoryCost of goods sold

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Description: 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 i

Solution: - Calculation of weighted-average cost per unit as follows under: -

Business

Accounting

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. Unit Cost $900 Transactions Units 6 Date Total Cost $ 5,400 October 1 October 4 October 10 October 13 Beginning inventory Sale 4 Purchase Sale Purchase Sale 910 4,550 October 20 October 28 October 30 4 7 920 3,680 Purchase 7 930 6,510 $20,140 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.)

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. Unit Cost $900 Transactions Units 6 Date Total Cost $ 5,400 October 1 October 4 October 10 October 13 Beginning inventory Sale 4 Purchase Sale Purchase Sale 910 4,550 October 20 October 28 October 30 4 7 920 3,680 Purchase 7 930 6,510 $20,140 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

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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 October 1 Beginning inventory October 4 Sale October 10 Purchase Sale October 13 October 20 October 28 October 30 Purchase Sale Purchase Units Unit Cost 6 $760 770 780 453478 5 4 790 Total Cost $4,560 3,850 3,120 6,320 $17,850 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.
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