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.)
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text: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
710
5
3
4
2
8
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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