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 October 1 October 4 October 10 October 13 October 20 October 28 October 30 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units Unit Cost 6 $730 740 4 5 3 4 7 8 750 760 Total Cost $ 4,380 3,700 3,000 6,080 $17,160 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.
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 October 1 October 4 October 10 October 13 October 20 October 28 October 30 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units Unit Cost 6 $730 740 4 5 3 4 7 8 750 760 Total Cost $ 4,380 3,700 3,000 6,080 $17,160 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.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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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
October 1
October 4
October 10
October 13
October 20
October 28
October 30
Transactions
Ending inventory
Cost of goods sold
Beginning inventory
Sale
Purchase
Sale
Purchase
Sale
Purchase
Units Unit Cost
$730
6
4
5
3
4
7
8
. 740
750
760
Total Cost
$ 4,380
3,700
3,000
6,080
$17,160
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F89f33382-dfa9-4a65-aec0-59ab58414bfc%2F42eeb4b3-1b4d-4aba-b0cc-00d6d4771396%2Fipsrwml_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
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
October 1
October 4
October 10
October 13
October 20
October 28
October 30
Transactions
Ending inventory
Cost of goods sold
Beginning inventory
Sale
Purchase
Sale
Purchase
Sale
Purchase
Units Unit Cost
$730
6
4
5
3
4
7
8
. 740
750
760
Total Cost
$ 4,380
3,700
3,000
6,080
$17,160
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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