Question

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. Transactions Beginning inventory Date Units Unit Cost Total Cost October 1 6 $900 $5,400 Sale October 4 4 October 10 Purchase 4,550 5 910 October 13 Sale 3 October 20 Purchase 4 920 3,680 Sale October 28 7 October 30 Purchase 930 6,510 7 $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. Ending inventory Cost of goods sold

Answer 1

Periodic: Specific Identification Goods Purchasd Cost of Goods Sold Inventory Balance Cost of Goods Sold Cost Per Ending # of Units Cost Per cost of Goods #of Units #of Units Purchases Cost Per Unit Available for sales sold Unit Unit Inventory Oct-01 4500 900 5400 5 900 1 900 900 6 5 Oct-10 5 910 4550 910 4550 0 910 0 Oct-20 4 920 3680 4 920 3680 0 920 0 Oct-30 7 930 6510 0 930 0 7 930 6510 Totals 22 12730 20140 14 8 7410 Answer Ending inventory Cost of Goods Sold 7410 12730