Question

[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.

Date			Transactions	Units				Unit Cost				Total Cost
October	1		Beginning inventory		6			$	750				$	4,500
October	4		Sale		4
October	10		Purchase		5				760					3,800
October	13		Sale		3
October	20		Purchase		4				770					3,080
October	28		Sale		7
October	30		Purchase		6				780					4,680
													$	16,060
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    costs of good sold    2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. ending inventory costs of goods sold
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. ending inventory costs of good sold 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate and final answers to 2 decimal places.) ending inventory    costs of goods sold

Answer 1

If it is helpful, please rate the answer and if any doubt arises let me know

	Specific Identification	FIFO	LIFO	Weighted Average
Ending Inventory	$       5,430	$        5,450	$        5,260	$    5,353
Cost of goods sold	$     10,630	$     10,610	$     10,800	$ 10,707
Workings:
Specific Identification	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
Beginning Inventory	6	$           750	$        4,500	5	$       750	$       3,750	1	$        750	$             750
Purchases:
Oct-10	5	$           760	$        3,800	5	$       760	$       3,800	-	$        760	$                -
Oct-20	4	$           770	$        3,080	4	$       770	$       3,080	-	$        770	$                -
Oct-30	6	$           780	$        4,680	-	$       780	$              -	6	$        780	$         4,680
	21		$     16,060	14		$     10,630	7		$         5,430
FIFO	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
Beginning Inventory	6	$           750	$        4,500	6	$       750	$       4,500	-	$        750	$                -
Purchases:
Oct-10	5	$           760	$        3,800	5	$       760	$       3,800	-	$        760	$                -
Oct-20	4	$           770	$        3,080	3	$       770	$       2,310	1	$        770	$             770
Oct-30	6	$           780	$        4,680	-	$       780	$              -	6	$        780	$         4,680
	21		$     16,060	14		$     10,610	7		$         5,450
LIFO	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
Beginning Inventory	6	$           750	$        4,500	-	$       750	$              -	6	$        750	$         4,500
Purchases:
Oct-10	5	$           760	$        3,800	4	$       760	$       3,040	1	$        760	$             760
Oct-20	4	$           770	$        3,080	4	$       770	$       3,080	-	$        770	$                -
Oct-30	6	$           780	$        4,680	6	$       780	$       4,680	-	$        780	$                -
	21		$     16,060	14		$     10,800	7		$         5,260
Weighted Average	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
Beginning Inventory	6	$           750	$        4,500
Purchases:
Oct-10	5	$           760	$        3,800
Oct-20	4	$           770	$        3,080
Oct-30	6	$           780	$        4,680
	21	$     764.76	$     16,060	14	$ 764.76	$     10,707	7	$ 764.76	$         5,353