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. 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. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $ 850 $ 5,100 October 4 Sale 4 October 10 Purchase 5 860 4,300 October 13 Sale 3 October 20 Purchase 4 870 3,480 October 28 Sale 7 October 30 Purchase 8 880 7,040 $ 19,920
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. 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. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $ 850 $ 5,100 October 4 Sale 4 October 10 Purchase 5 860 4,300 October 13 Sale 3 October 20 Purchase 4 870 3,480 October 28 Sale 7 October 30 Purchase 8 880 7,040 $ 19,920
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.
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.
| Date | Transactions | Units | Unit Cost | Total Cost | ||||||||||||
| October | 1 | Beginning inventory | 6 | $ | 850 | $ | 5,100 | |||||||||
| October | 4 | Sale | 4 | |||||||||||||
| October | 10 | Purchase | 5 | 860 | 4,300 | |||||||||||
| October | 13 | Sale | 3 | |||||||||||||
| October | 20 | Purchase | 4 | 870 | 3,480 | |||||||||||
| October | 28 | Sale | 7 | |||||||||||||
| October | 30 | Purchase | 8 | 880 | 7,040 | |||||||||||
| $ | 19,920 | |||||||||||||||
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