Question

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 Units Unit Cost Date Total Cost Beginning inventory Sale $810 $4,860 October 1 October 4 6 4 October 10 Purchase Sale Purchase Sale 5 820 4,100 October 13 4 October 20 830 3,320 7 October 28 October 30 5,880 Purchase 7 840 $18,160

2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.

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.)

Answer 1

B First in First Out Ending inventory 6710 Cost of GoodsSold 11450 Last-in , First Out Ending inventory 6500 Cost of GoodsSold 11660 Weighted Average Ending inventory 6604 Cost of GoodsSold 11556

51 71 Periodic: FIFO Goods Purchasd Cost of Goods Sold Inventory Balance Cost of Cost Per cost of Goods # of Units Cost Per Goods # of Cost Per Ending # of Units Unit Available for sales sold Unit Sold Units Unit Inventory Beginning inventoryl 810 4860 6 810 48600 810 Purchases Oct-10 820 4100 820 4100 0 820 Oct-20 830 3320 830 24901 1 830 830 Oct-30 840 5880 8401 8401 5880 Totals 22 18160 14 11450 8 6710 Periodic : LIFO Goods Purchasd Cost of Goods Sold | Inventory Balance Cost of Cost Per cost of Goods # of Units Cost Per Goods # of Cost Per Ending # of Units Unit Available for sales sold Unit Sold Units Unit Inventory Beginning inventory 6 810 4860 810 0 6 810 4860 Purchases Oct-10 5 820 4100| 4100 3 820) 2460 21 82011640 Oct-20 4 830 3320 830 33200 830 Oct-30 7 840 58801 71 8401 58801 ol 8401 Totals 22 18160 14 11660 6500 Periodic: Weighted Average Totals 22 825.45 18160 14 825 11556 8 825.45 6604

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