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. Cost per Unit Date Transactions Units Total Cost Beginning inventory Sale $ 4,380 October 1 $730 October 4 October 10 Purchase 740 3,700 October 13 October 20 Sale Purchase 750 3,000 October 28 Sale October 30 Purchase 760 6,080 $17,160 6453 ¢700

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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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.
Cost per
Unit
$730
Date
Transactions
Units
Total Cost
October 1
$ 4,380
Beginning inventory
Sale
Purchase
6
October 4
4
October 10
740
3,700
October 13
Sale
3
October 20
Purchase
4
750
3,000
October 28
Sale
7
October 30
Purchase
8
760
6,080
$17,160
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
Ending inventory
Cost of goods sold
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. Cost per Unit $730 Date Transactions Units Total Cost October 1 $ 4,380 Beginning inventory Sale Purchase 6 October 4 4 October 10 740 3,700 October 13 Sale 3 October 20 Purchase 4 750 3,000 October 28 Sale 7 October 30 Purchase 8 760 6,080 $17,160 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold
!
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.
Cost per
Date
Transactions
Units
Total Cost
Unit
$730
$ 4,380
October 1
October 4
October 10
Beginning inventory
Sale
Purchase
4
740
3,700
October 13
Sale
3
October 20
Purchase
4
750
3,000
October 28
Sale
7
October 30
Purchase
8
760
6,080
$17,160
4. 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.)
Ending inventory
Cost of goods sold
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. Cost per Date Transactions Units Total Cost Unit $730 $ 4,380 October 1 October 4 October 10 Beginning inventory Sale Purchase 4 740 3,700 October 13 Sale 3 October 20 Purchase 4 750 3,000 October 28 Sale 7 October 30 Purchase 8 760 6,080 $17,160 4. 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.) Ending inventory Cost of goods sold
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