Question

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wconnect.mheducation.com/flow/connect html Seved The following information apples 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 4 Date Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units Unit Cost 6 Total Cost $ 4,448 October 1 October 4 October 10 October 13 October 20 October 28 $740 4 5i 750 3,750 3 768 3, 840 october 38 770 5, 390 ok $16, 620 int ences 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 sokd 10,490 Prev of 4 12 34 Next

Answer 1

(1) As per specific identification method:-

Ending Inventory	6,130 $
Cost of Goods sold	10,490 $

(2) As per FIFO method:-

Ending Inventory	6,150 $
Cost of Goods sold	10,470 $

(3) As per LIFO method:-

Ending Inventory	6,130 $
Cost of Goods sold	10,490 $

(4) As per weighted average method:-

Ending Inventory	6143.57 $
Cost of Goods sold	10,476.43 $