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.DateOctober 1October 4October 10TransactionsBeginning inventorySalePurchaseSalePurchaseSaleOctober 13October 20October 28October 30 PurchaseEnding inventoryCost of goods soldUnits6453478Unit Cost$ 820830840850Total Cost$ 4,9204,1503,3606,800$19,230Required:1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 saleconsists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses fromthe October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from theOctober 20 purchase.

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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

Specific identification method :— It is one of the methods of inventory valuation in which specific…

Business

Accounting

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 October 1 Beginning inventory October 4 October 10 October 13 October 20 October 28 October 30 Sale Purchase Sale Purchase Sale Purchase Ending inventory Cost of goods sold Units 6 4 5 inm 4700 3 8 Unit Cost $ 820 830 840 850 Total Cost $ 4,920 4,150 3,360 6,800 $19, 230 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 Transactions October 1 Beginning inventory October 4 October 10 October 13 October 20 October 28 October 30 Sale Purchase Sale Purchase Sale Purchase Ending inventory Cost of goods sold Units 6 4 5 inm 4700 3 8 Unit Cost $ 820 830 840 850 Total Cost $ 4,920 4,150 3,360 6,800 $19, 230 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.

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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Required information [The following information applies to the questions displayed below.] Alexandra's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Alexandra's Boutique uses a periodic inventory system. Date October 1 Transactions Beginning inventory October 4 Sale October 10 Purchase October 13 Sale October 20 Purchase October 28 October 30 Sale Purchase Units 6 Unit Cost Total Cost $880 $5,280 453478 890 4,450 900 3,600 910 7,280 $20,610 Using FIFO, calculate ending inventory and cost of goods sold at October 31. Answer is complete but not entirely correct. Ending inventory $ 6,370 x Cost of goods $ 14,280 × old
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Date Transactions Units Unit Cost Total Cost October 1 October 4 October 10 October 13 October 20 October 28 October 30 Beginning inventory Sale Purchase Sale Purchase Sale Purchase 6 4 5 3 4 7 7 $900 910 920 930 $ 5,400 4,550 3,680 6,510 $20,140 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. 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. 4. Using…