Question

Sandra's Purse Boutique

Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October.

Date

Transactions

Units

Cost   per Unit

Total   Cost

October 1

Beginning inventory

6

$900

$   5,400

October 4

Sale

4



October 10

Purchase

5

  910

   4,550

October 13

Sale

3



October 20

Purchase

4

  920

   3,680

October 28

Sale

7



October 30

Purchase

7

  930

 6,510





$20,140

Required:

.

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

.

Using weighted-average cost,   calculate ending inventory and cost of goods sold at October 31.

 


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