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 Cost per Unit Total Cost 6 $700 $4,200 4 5 3 4 2 8 710 720 730 3,550 2.880 5,840 $16,470 1. Using FIFO, calculate ending inventory and cost of goods sold at October 31. 2. Using LIFO, calculate ending inventory and cost of goods sold at October 31. 3. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

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 Cost per Unit Total Cost 6 $700 $4,200 4 5 3 4 2 8 710 720 730 3,550 2.880 5,840 $16,470 1. Using FIFO, calculate ending inventory and cost of goods sold at October 31. 2. Using LIFO, calculate ending inventory and cost of goods sold at October 31. 3. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...

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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. Units 6. Unit Cost Date October 1 October 4 October 10 October 13 October 20 October 28 Transactions Total Cost $ 5,400 Beginning inventory Sale Purchase Sale Purchase Sale $900 4 910 4,550 4 920 3,680 7 October 30 Purchase 7 930 6,510 $20,140 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold
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